US GDP contracted an annualized -0.9% in Q2, much worse than expectation of 0.4% rise. That’s the second quarter of contraction, after Q1’s -1.6% annualized.
BEA said: “The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, increased”
