(CNSNews.com) - The U.S. economy contracted for the second quarter in a row in the second quarter of 2022, according to data released today by the Bureau of Economic Analysis.
In the January-through-March period, real Gross Domestic Product (GDP) dropped by 1.6 percent, said BEA. In the April-through-June period, it dropped by 0.9 percent.
“The decrease in real 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),” said BEA.
“Imports, which are a subtraction in the calculation of GDP, increased,” it said.
“The decrease in private inventory investment was led by a decrease in retail trade (mainly general merchandise stores as well as motor vehicle dealers). The decrease in residential fixed investment was led by a decrease in ‘other’ structures (specifically brokers' commissions),” said BEA.