Cost Living We're No Alone It's Not Brexit

[life on mars]

The US has plunged into recession as soaring inflation hammers the world’s largest economy.

GDP fell 0.9pc in the second quarter, according to the Commerce Department. That came after a 1.6pc decline in the first three months of the year.

The two consecutive quarters of contraction mean the US is now in a technical recession.

Personal consumption, the largest part of the economy, rose 1pc. However, this was a slowdown from the previous period.

It comes as President Joe Biden grapples with surging inflation, which last month hit 9.1pc – a 40-year high.

The Federal Reserve last night confirmed its second 75 basis-point interest rate rise in an effort to keep a lid on soaring prices. However, the move will fuel concerns about a slowdown in the economy.

[Taunton Blue Genie]

The US has plunged into recession as soaring inflation hammers the world’s largest economy.

GDP fell 0.9pc in the second quarter, according to the Commerce Department. That came after a 1.6pc decline in the first three months of the year.

The two consecutive quarters of contraction mean the US is now in a technical recession.

Personal consumption, the largest part of the economy, rose 1pc. However, this was a slowdown from the previous period.

It comes as President Joe Biden grapples with surging inflation, which last month hit 9.1pc – a 40-year high.

The Federal Reserve last night confirmed its second 75 basis-point interest rate rise in an effort to keep a lid on soaring prices. However, the move will fuel concerns about a slowdown in the economy.

LoM is back to his old tricks. The above was copied and pasted from https://www.telegraph.co.uk/business...ergy-interest/