The US economy has shrunk for the second consecutive quarter, sparking fears of a recession. 9News
shrank from April through June for a second straight quarter, contracting at a 0.9 per cent annual pace and raising fears that the nation may be approaching a recession.
Higher borrowing rates, a consequence of the Federal Reserve's series of rate hikes, clobbered home construction, which shrank at a 14 per cent annual rate. Government spending dropped, too. Apart from the United States, the global economy as a whole is also grappling with high inflation and weakening growth, especially after Russia's invasion of Ukraine sent energy and food prices soaring. Europe, highly dependent on Russian natural gas, appears especially vulnerable to a recession.
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