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Biden Faces Recession Worries After Six Months of Economic Contraction
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WASHINGTON—Two straight quarters of economic contraction are putting the Biden administration on the defensive about the economy, as Republican opponents suggest the latest data indicates a recession is under way.
U.S. gross domestic product dropped at a 0.9% annual rate in the second quarter from the first quarter, measured on a seasonally adjusted basis, the Commerce Department reported Thursday. A decline in private inventories and housing investment were among the factors that drove the decrease in output, the department said.
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