Recession: US GDP contracts for second consecutive quarter

28 July 2022

 

Summary:  US GDP down 0.2% (0.9% annualised) in June quarter; contrasts with 0.1% increase (0.5% annualised) expected; a little stronger than headline number suggests; all up a “disappointing” report; GDP price deflator annual rate rises from 6.9% to 7.5%. US GDP growth slowed in the second quarter of 2019 before stabilising at about 0.5% per quarter.  At the same time, US bond yields suggested future growth rates would be below...

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