GDP falls for second straight quarter

Real gross domestic product decreased 0.9% in the second quarter of 2022, marking the second consecutive quarter of GDP decline, according to an advance estimate released today by the Commerce Department. The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment, the agency said. Those decreases were partly offset by increases in exports and personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, increased. The second quarter decline comes after a 1.6% decrease in GDP during the first quarter.