For the second consecutive quarter, the U.S. economy contracted in the spring, meeting the requirements for a so-called technical recession.
The broadest gauge of the products and services produced across the economy is the gross domestic product (GDP).
And the three-month period from April to June saw an annualized decrease of 0.9 percent, the Commerce Department stated last week.
According to the National Bureau of Economic Research, which monitors downturns, recessions are formally defined as two consecutive quarters of negative economic growth.
And are marked by high unemployment, low or negative GDP growth, declining income, and sluggish retail sales.
Jerome Powell, the chairman of the Federal Reserve, however, told reporters this week that he does not think the American economy is in a recession.
