The U.S. economy was even weaker in the first half of the year than previously thought, data from the Commerce Department indicated on Thursday.
Gross Domestic Product contracted by 1.6 percent in the first three months of 2022 and by 0.6 percent in the April through June quarter, meaning the economy shrank for two consecutive quarters.
Those who argued that the economy was not actually in a recession could point to the low unemployment rate and a measure of the economy known as Gross Domestic Income, which had been reported as growing 1.8 percent in the first quarter and 1.4 percent in the second quarter.
On Thursday, the Commerce Department released revisions to its estimates of GDP and GDI. The GDP estimates were unchanged but the GDI estimates for the first half of this year were marked down sharply. First quarter GDI grew at a 0.8 percent annual rate and second quarter…
