US Economy Shrinks for Second Straight Quarter

The video discusses the current economic situation, highlighting a 0.9% decline in GP and a slight increase in jobless claims. Seasonal factors like auto plant shutdowns complicate the analysis. The GDP shows a drop due to declines in private inventory investment, residential fixed investment, and federal government spending, despite increases in exports and personal consumption. This marks the second consecutive quarter of contraction, raising concerns about a potential recession, which will be addressed by Janet Yellen in a news conference.

What challenges does the text mention regarding the month of July's economic data?

What was the percentage change in personal consumption in the GDP breakdown?