US economy shrinks 0.6% in Q2 - Breaking The News

US economy shrinks 0.6% in Q2

29 September

1 min read

EPA-EFE/ETIENNE LAURENT

The gross domestic product (GDP) of the United States contracted by 0.6% in the second quarter of 2022 compared to the same period the previous year, according to the third estimate from the Bureau of Economic Analysis published on Thursday.

The latest figure is in line with the second estimate. The US economy shrank by 1.6% in the first three months of 2022.

The price index for gross domestic purchases rose by 8.5% in the second quarter, 0.1 percentage points up compared to the previous projection. The personal consumption expenditures (PCE) price index climbed 7.3%, revised up by 0.2 percentage points from the second estimate. Excluding food and energy prices, the PCE price index was up 4.7%, in contrast to the 4.4% that the previous projection showed.

data gdp

Japan's services activity picks up in April

2 hours ago

Japan's services sector gained momentum in April, with the au Jibun Bank Flash Services Business Activity Index rising to 52.2, up from 50.0 in March, according to S&P Global's preliminary report released Wednesday. The Flash Composite Output Index, which tracks overall private sector activity, also rose to 51.1 from 48.9 in March. "Japan's private sector returned to growth in April, with firms signalling an increase in business activity for the fifth time in six...

Japan's factory downturn softens in April

2 hours ago

The Japanese au Jibun Bank Flash Manufacturing Output Index rose to 48.9 in April, up from 46.6 in March, S&P Global's report released Wednesday showed. The figure remained below the neutral 50 threshold, pointing to a continued decline in production, though the pace of contraction eased. "Factories saw new orders decline at the steepest rate in over a year amid a stronger deterioration in foreign demand, as well as reports of subdued client...

Australia's private sector activity growth eases in April

4 hours ago

Australian private sector's business activity slowed down in April, with key economic indicators falling slightly compared to the month prior, according to a preliminary report published by S&P Global.The flash services PMI came in at 51.4, hitting a two-month low. It remained above the neutral 50 mark but contracted compared to the March figure of 51.6. The manufacturing PMI landed at 51.7, slowing from 52.1 recorded in the previous month. The...

US oil inventories reportedly down by 4.6M barrels

6 hours ago

Crude oil inventories in the United States fell by 4.6 million barrels in the week that ended April 15, the American Petroleum Institute's (API) private data allegedly showed on Tuesday.Meanwhile, reserves in Cushing, Oklahoma, allegedly slumped by 354,000 barrels. Gasoline stockpiles decreased by 2.2 million barrels, while distillate inventories lost 1.6 million barrels, according to the reported data.

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.