US economy shrank by 0.6 percent in second quarter — signaling recession

The economy shrank by 0.6% in the second quarter compared to the same period last year — the second consecutive quarter that the nation’s gross domestic product contracted, thus signaling the onset of a recession, according to the latest data. The US Commerce Department issued a revised reading of second-quarter figures on Thursday — nearly a month after its initial report measured a 0.9% contraction compared to the year prior, Fox Business reported.-- More...