Revised GDP data shows US economy shrank in the second quarter, solidifying two straight quarters of contraction
That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the year as businesses readjusted to pandemic-era supply chain disruptions.
The latest scorecard on the economy may reignite the debate as to whether the United States has been in a recession, commonly defined as two consecutive quarters of negative growth. However, the official arbiter is a panel of National Bureau of Economic Research economists, who take an array of economic indicators into consideration and can revise the data many years later. This story is developing and will be updated.
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