The US economy contracted by 0.6 percent in the second quarter of the year, compared to the previous estimate of 0.9 percent.
The GDP data of the US economy for the April-June period were revised. According to the data of the Ministry of Commerce, the economy contracted by 0.6 percent. The previous estimate was 0.9 percent. The strong trend in consumer expenditures was effective in the upward revision of the data. Consumer spending was revised from 1% to 1.5%. Gross domestic revenues, on the other hand, increased by 1.4 percent in this period, the increase was 1.8 percent in the first quarter.
The country’s economy shrank 1.6 percent in the first quarter of the year. Although economists expect growth to recover in the third quarter of the year, concerns about a recession in the economy continue as the Fed continues to increase interest rates to reduce inflation.
