The United States economy it contracted 0.1% in the second quarter of the year, one tenth less than the figure initially estimated. The Bureau of Labor Statistics (BEA) has also revised the annual rate of decline, which it now calculates was 0.6% vs. 0.9% estimated before.
The new calculation is explained by revisions to the spending hike consumer spending, private inventory investment, and state and local government spending, which were partially offset by downward revisions to residential fixed investment, federal government spending, and exports.
Imports were revised down, the BEA noted.
The data, in any case, maintain the estimate of a second consecutive decline in GDP, which is traditionally considered a technical recession.
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An analysis that is not shared by the US government, which does not believe that the country is in a recession scenario given the robustness of its economy.
The data for the second quarter of 2022, the second of the three estimates made by the US Executive, comes after the economy contracted 0.4% in the first quarter.
The drop in GDP occurs in a time of high inflation, which has led to several consecutive rises in interest rates by the Federal Reserve; and in a global context marked by the problems that persist in the supply chain derived from the pandemic and by the economic effects of the war in Ukraine.
The american economyHowever, it continues to enjoy low unemployment, with a rate of only 3.5% last July.
Good labor market data is one of the measures by which the Government of Joe Biden; rules out that the economy is heading for a recession.
