US economy enters technical recession after growth tumbles 0.9% in the second quarter

The US economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession, as raging inflation and higher interest rates forced consumers and businesses to pull back on spending.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.

Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the

Bill Barr subpoenaed by voting tech company Smartmatic in company’s defamation lawsuit against Fox News

Specifically, the subpoena from Smartmatic seeks by September 16 any communication Barr had with Fox News employees about the 2020 election, Trump campaign, or Smartmatic after January 1, 2020.

The subpoena also requires Barr to produce similar communication he may have had with Rupert and Lachlan Murdoch, whom own the channel’s parent company, and Rudy Giuliani, who previously represented former President Donald Trump. Giuliani is a co-defender in the same lawsuit.

And finally, the subpoena demands any documents or communication Barr provided to the House committee investigating the January 6 attack on the US Capitol.

Representatives for Smartmatic did not respond to requests for comments about the subpoena on Friday. Barr declined to comment to CNN.

But the information from Barr, who publicly contradicted Trump’s claims of voter fraud, could further help Smartmatic prove in court that Fox News knew it was broadcasting false information about the company, but continued

Biden says US not in a recession despite two consecutive quarters of shrinking economy

President Biden said the United States “is not in a recession,” despite Thursday’s GDP report, saying it is “no surprise that the economy is slowing down” amid inflation.

The US economy shrank in the spring for the second consecutive quarter, meeting the criteria for a recession as record-high inflation and higher interest rates forced consumers and businesses to pull back on spending.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.

US ECONOMY ENTERS TECHNICAL RECESSION AFTER GROWTH TUMBLES 0.9% IN THE SECOND QUARTER

“Coming off