Salem Radio Network News Thursday, December 8, 2022

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US economy drops at 0.6% annual rate from April through June

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( ) -q-19- UNDATED (Correspondent Jeremy House) “and housing investment.”

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through Jun.

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TAG: Correspondent Jeremy House reporting. Most economists, citing a strong and resilient American job market, believe the world’s biggest economy is not yet in a downturn.

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VERBATIM The government announced the figure was unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession. Consumer spending grew at a 2% annual rate, but that gain was offset by a drop in business inventories and housing investment.

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