U.S. Economy Shrinks In Second Quarter

Objectivity 4.5 | Credibility 4.7 | Relevance 4.4

The U.S. economy shrank for a second quarter, contracting at a 0.9% annual, raising the fears of a recession.  With last quarter report, Consumer spending slowed, business investment fell, and inventories tumbled as businesses slowed their restocking of shelves.  On Wednesday, the Fed raised its benchmark rate by three-quarters of a point for a second straight time in its push to conquer the worst inflation outbreak in four decades.