The world’s largest economy has contracted for a second consecutive quarter, although the downturn is yet to be officially termed a recession.
The US recorded a 0.9% decline in output on an annualised basis between April and June when economists had forecast an increase of 0.5%.
The early data would meet the international criteria for a recession because of the contraction witnessed in the first quarter.
But the country has an official arbiter of recessions – the National Bureau of Economic Research.
It is yet to make such a judgement.
