The US Commerce Department announced that the country’s gross domestic product had fallen for the second consecutive quarter, although President Joe Biden said the economic data overall “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline qualify as a recession — but not in the United States, where an independent body of eight economists called the Business Cycle Dating Committee makes such a determination.
The GDP of the world’s largest economy fell at a 0.9% annualized rate last quarter, the Commerce Department announced Thursday, the second successive quarter of negative growth. In many countries, this would prompt the government to announce that the economy had…
