‘Doesn’t sound like a recession to me’: US economy shrinks with a drop in GDP

The US economy has shrunk for the second consecutive quarter with a drop in GDP of 0.9 per cent.

In many countries, it would mean a recession, however, the US uses different economic data to determine that outcome.

President Joe Biden has told Americans it’s no surprise growth is slowing.

“Let me just give you what the facts are in terms of the state of the economy, number one we’ve a … record unemployment of 3.6 per cent today,” Mr Biden said.

“We’ve created nine million new jobs so far.

“That doesn’t sound like a recession to me.”

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