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US GDP contracted by 0.9% in the most recent quarter, marking a reversal.

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The U.S. economy shrank from April to June, for the second consecutive quarter,

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the economy is contracting at an 0.9 per cent annual rate, increasing fears that the country could be heading towards recession.

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The decrease in is reported Thursday by Commerce Department reported Thursday in the gross domestic product

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The most comprehensive gauge of the economy that was followed by by a 1.6 percentage annual drop between January and March.

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Consecutive quarters of decreasing GDP are an example of an informal,

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Although not conclusive, it is a sign of the possibility of a recession.

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The report is released at an important moment in. Businesses and consumers have both been

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getting weighed down by the pounding inflation and rising cost of borrowing.

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On Wednesday on Wednesday, The Federal Reserve raised its benchmark interest rate by a significant amount.