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Business News

US economy shrank 0.9% in second quarter

todayJuly 28, 2022

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Anton Petrus/Getty Images

(WASHINGTON) — The U.S. economy shrank 0.9% in the second quarter of this year, the Commerce Department reported Thursday morning, marking the second quarter in a row that the nation’s gross domestic product (GDP) has declined.

The economy contracted 1.6% in the first quarter of 2022.

According to the Commerce Department, the decline in GDP “reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE).”

The latest contraction in GDP this year has raised fears of a recession.

As ABC News’ Economics Correspondent Rebecca Jarvis notes, “That makes it two back-to-back quarters of economic activity declining here in the United States — and that is considered on Wall Street a strong signal that we either are in a recession, or will be soon.”

Copyright © 2022, ABC Audio. All rights reserved.

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SNAP benefits expanded to help with online grocery shopping

(NEW YORK) -- New grants, technology enhancements and partnerships are helping grocers and shoppers who rely on the Supplemental Nutrition Assistance Program (SNAP) to get more access to more places for online grocery shopping. The U.S. Department of Agriculture (USDA) opened applications earlier this month for grants to an organization that will provide technology and systems support for new retailers to offer SNAP online shopping. The recipient of the $5 million SNAP EBT Modernization Technical Assistance Center grant funded by […]

todayJuly 28, 2022


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