According to data released on Thursday, the US economy lost 0.9% during the second quarter of 2022.
After a decline of 1.6% in the first quarter the US economy shrunk by 0.9%. It is a technical recession by some definitions.
According economists predictions the estimate for annualized growth to be 0.5%, but the actual numbers missing the mark considerably.
The National Bureau of Economic Research says recessions involve a “significant decline in economic activity that is spread across the economy and lasts more than a few months.”
S&P 500 futures were down by 0.33% ahead of the news, while the Nasdaq-100 Composite lost 0.74%.