U.S. Economy Shrank 0.9% Last Quarter, Its 2nd Straight Drop

The video discusses the US GDP decline of 0.9% in the second quarter, marking the second consecutive quarter of negative growth, which some consider a recession. Expert analysis highlights varying economic expectations and clarifies that only the National Bureau of Economic Research can officially declare a recession. Consumer spending, a significant part of the economy, is up by 1%, which is a positive sign. The video emphasizes that the current data is preliminary and subject to updates, which will provide a clearer picture of future economic trends.

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