The US economy fell into a technical recession in the second quarter, with data published by the commerce department on Thursday showing a contraction in the second three months of the year.
Gross domestic product fell by 0.9 per cent on an annualised basis in the second quarter, or a 0.2 per cent fall from the previous quarter — the measure used by other major economies. That comes in the wake of first-quarter gross domestic product data showing the US economy shrank by 1.6 per cent.
Despite the contraction, personal consumption, which offers insight into the health of the US consumer, grew by 1 per cent, a slowdown compared with 1.8 per cent in the first quarter, but still evidence of strength.
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