US Economy Shrinks a Second Quarter, Fueling Recession Fears
Updated: 28 Jul 2022, 06:35 PM IST
TL;DR.The US economy shrank for a second straight quarter, raising chances of a recession, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied business investment and housing demand.
A man walks past a Hiring sign at a McDonald's restaurant in Garden Grove, California on July 8, 2022. (Photo by Robyn BECK / AFP)