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

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

The attorney representing Jones in the Texas defamation case, Federico Andino

US equity futures traded lower Friday morning, following a three-day rally. The major futures indexes suggest a decline of 0.3% when the final trading day of the week gets underway on Wall Street.

US 10-year Treasury yields fell to their lowest level in over two weeks on Friday as worries mount about economic growth. The 10-year Treasury yield fell to as low as 2.82%.

Oil prices bounced between gains and losses Friday morning, following previous declines on supply tightness and geopolitical tensions.

US West Texas Intermediate crude traded around $96.00 a barrel. Brent crude futures traded around $104.00 a barrel.

Snap shares hares are plunging 28% in premarket trading after the company posted its weakest-ever quarterly sales growth as a public company. The parent company of Snapchat reported revenue of $1.11 billion and posted a $422 million net loss for the second quarter.

Other social media-related shares are also down.

American Airlines said Thursday it could take up to three years to get back to full, nationwide capacity due to what it said was an ongoing pilot shortage.

CEO Robert Isom told investors that demand for air travel is at record levels, but that the airline’s travel schedule remains impacted by supply chain disruptions and staffing shortages that worsened during the pandemic.

As a result, Isom predicted that restoring flight capacity across its main routes will take about a year. “I think it’s dependent on the supply chains of aircraft manufacturers and ultimately, pilot supply to get all back in sync,” the CEO said.

On the other hand, American Airlines’ regional routes will be tougher to stabilize.

“From a regional perspective, it’s just going to take a little bit longer than that, maybe 2 or 3 years, to kind of get the supply chain for pilots back to where we

Elon Musk fired back at Twitter on Friday after the social media giant partially blamed its second-quarter revenue miss on uncertainty surrounding the Tesla chief executive’s pending $44 billion acquisition.

“I’m rubber, they’re glue,” Musk tweeted.

The social media giant reported total revenue of $1.18 billion for the second quarter, including advertising revenue of $1.08 billion and subscription and other revenue of $101 million. Economists surveyed by Refinitiv were expecting total revenue of $1.32 billion.

Twitter said it faced $33 million in costs during the quarter related to the acquisition. In addition to Musk’s deal, the company cited “advertising industry headwinds associated with the macroenvironment.”

TWITTER MISSES ON EARNINGS, CITES ELON

Amazon (AMZN) announced today that it would acquire subscription health care provider One Medical for $3.9 billion.

The deal marks one of Amazon’s most high-profile pushes into health care to date. So, why One Medical? To start, One Medical — which was founded in 2007 and focuses on so-called concierge primary care — was on the market. The company had reportedly been fielding takeover interest from giants like CVS (CVS).

One Medical’s $199 annual subscription offers 24/7 access to telehealth services, same-day appointments, and an app. The company had 188 US locations and more than 750,000 members, as of a May filing. The company’s focus is on primary care and boasts virtually no wait times, and in its IPO filing expressed interest in moving into behavioral health. The Carlyle Group has been one of One Medical’s key investors, and is reportedly set to exit after Amazon’s acquisition.

One Medical,