The U.S. economy shrank for a second quarter in a row—a common definition of recession—as the housing market buckled under rising interest rates and high inflation took steam out of business and consumer spending.

Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter,

That followed a 1.6% pace of contraction in the first three months of 2022.

The report indicated the economy met a commonly used definition of recession—two straight quarters of declining economic output.

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