GDP fell 0.9% in the second quarter, the second consecutive decline and a strong sign of recession

The Office of Economic Analysis reported on Thursday that the US economy contracted for the second consecutive quarter from April to June, reaching the generally accepted norm of a recession.

Pressured by rising inflation, rising interest rates and increasing supply chain pressure, gross domestic product fell 0.9 percent over the period, after falling 1.6 percent in the first quarter. The Dow Jones was up 0.3%.

Officially, the National Office for Economic Research has declared recession and expansion, and likely won’t be making an assessment of the time period in question for months if not longer.

But the second consecutive negative GDP reading meets the long-held fundamentalist view of a recession, despite the extraordinary circumstances of the decline and whatever the NBER decides. GDP is the broadest measure of the economy and includes the total amount of goods and services produced during the period.

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