The government reported Thursday that Gross Domestic Product shrank by 0.9 percent in the April through June period. Economists had expected the economy to grow by 0.3 percent, according to theThe economy contracted by 1.6 percent in the first quarter. Many Americans consider two straight quarters of recession to be the marker of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research to say when a recession starts.
The decrease in GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment. These were partly offset by increases in exports and household spending.
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