9/29/2022, 2:31 PM (Source: TeleTrader)
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US economy shrinks 0.6% in Q2

The gross domestic product (GDP) of the United States contracted by 0.6% in the second quarter of 2022 compared to the same period the previous year, according to the third estimate from the Bureau of Economic Analysis published on Thursday.

The latest figure is in line with the second estimate. The US economy shrank by 1.6% in the first three months of 2022.

The price index for gross domestic purchases rose by 8.5% in the second quarter, 0.1 percentage points up compared to the previous projection. The personal consumption expenditures (PCE) price index climbed 7.3%, revised up by 0.2 percentage points from the second estimate. Excluding food and energy prices, the PCE price index was up 4.7%, in contrast to the 4.4% that the previous projection showed.

Baha Breaking News (BBN) / MS