The world’s largest economy contracted for the second quarter in a row, although this decline has not yet been officially called a recession.
The US recorded a 0.9% year-on-year decline in production between April and June, when economists had forecast a 0.5% increase.
The first data meet the international criteria for a recession, because in the first quarter there was also a reduction – by 1.6%.
But the country has an official arbiter of recessions — the National Bureau of Economic Research — and it has yet to issue such a ruling.
It defines a recession as “a significant decline in economic activity, widespread throughout the economy, lasting more than a few months, usually visible in output, employment, real income, and other indicators.”