The US government confirmed on Thursday that the country’s economy fell 0.1% in the second quarter of the year and 0.6% year-on-year.
This is evident from the third and final official calculation of the country’s economic evolution, published by the Labor Statistics Bureau (BEA), confirming the technical recession of the world’s largest economy, with two consecutive quarters of decline —0.4% from January to March and a tenth from April to June.
The BEA recalled that this data was produced in a context of high inflation and interest rate hikes to address this and other challenges such as supply chain problems, although it highlighted on the positive side low unemployment.
However, he cautioned that the effects of all these factors cannot be calculated separately when making the Economic estimate.
According to these statistics, the decline in the second quarter mainly reflects declines on the investment side — both private and residential — and on the government spending side, whether federal, state or local.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
