The decline in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March.
and could increase the likelihood that the Democrats will lose control of the House and Senate.
Still, Guatieri said, “the economy has quickly lost steam in the face of four-decade high inflation, rapidly rising borrowing costs and a general tightening in financial conditions.” “Coming off of last year’s historic economic growth — and regaining all the private sector jobs lost during the pandemic crisis — it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," the president said in a statement. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.
Americans are still spending, though more tepidly. Thursday's report showed that consumer spending rose at a 1% annual pace from April through June, down from 1.8% in the first quarter and 2.5% in the final three months of 2021. Against that backdrop, Americans are losing confidence. Their assessment of economic conditions six months from now has reached its lowest point since 2013, according to the Conference Board, a research group.
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