Revised Report Shows GDP Fell 0.6 Percent in Q2 Proving US to be in a Recession

Fox News: The U.S. economy shrank for the second consecutive quarter in the three months ended June, according to the final estimate from the Bureau of Economic Analysis, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates weighed on spending. The updated report, released Thursday, showed that gross domestic product (GDP), the broadest measure of goods and services produced across the economy, shrank by 0.6% on an annualized basis in the second quarter. That is below the initially reported 0.9% decline and unchanged from the second reading of a 0.6% decline (Fox News). 

Axios: The notable revisions were for gross domestic income (GDI). As the name suggests, the measure sums up all of the income in the economy — business profits, interest payments and wages. It initially painted a rosier growth picture. One driver behind the downward GDI revision was slower labor compensation than initially reported. In other words, worker wage growth wasn’t as hot as we thought (Axios).