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The US economy contracted for the second consecutive quarter
The US economy contracted for the second consecutive quarter during the second quarter of 2022, with the gross domestic product (GDP) recording a contraction of 0.6%, as expected, after a contraction in the first quarter of 2022 of 1.6%.
The US economy has entered a technical recession after contracting for two consecutive quarters.
This deflation came in light of inflation that significantly exceeds the target and attempts by the US Federal Reserve to curb this inflation by raising interest rates.
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