- ID: 8283924
- Dateline: July 28, 2022/File
- Location: United States;
- Duration: 1’06
- Source: China Central Television (CCTV),China Global Television Network (CGTN)
- Restrictions: No access Chinese mainland
- Published: 2022-07-29 09:00
- Last Modified: 2022-07-29 09:04
- English
Shotlist
FILE: New York City, USA – Date Unknown (CGTN – No access Chinese mainland)
1. Times Square
FILE: New York City, USA – June 15, 2021 (CCTV – No access Chinese mainland)
2. Various of U.S. national flags, traffic on street
FILE: Washington D.C., USA – Sept 29, 2020 (CCTV – No access Chinese mainland)
3. Various of people shopping in supermarket
FILE: Washington D.C., USA – Date Unknown (CGTN – No access Chinese mainland)
4. Pedestrians, traffic
FILE: Los Angeles, California, USA – April 2022 (CGTN – No access Chinese mainland)
5. Pedestrians
6. Various of diners
7. Pedestrians
FILE: Philadelphia, Pennsylvania, USA – Aug 21, 2020 (CGTN – No access Chinese mainland)
8. Various of diners
FILE: New York City, USA – Date Unknown (CGTN – No access Chinese mainland)
9. Various of street scenes, stores
10. Various of man withdrawing money from ATM
Storyline
The U.S. economy shrank at an annual rate of 0.9 percent in the second quarter after a 1.6-percent contraction in the previous quarter, the U.S. Commerce Department reported Thursday.
The decrease in real gross domestic product (GDP) reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures, the department’s Bureau of Economic Analysis said in an “advance” estimate.
Imports, which are a subtraction in the calculation of GDP, increased.
With a first-quarter decline of 1.6 percent, a second consecutive quarter of negative growth would meet the technical definition of a recession.
Federal Reserve Chair Jerome Powell on Wednesday dismissed the view that the U.S. economy is already in a recession, citing labor market strength.
Nevertheless, he acknowledged that the path to avoid recession has narrowed and may narrow further.
The latest data came one day after the Fed raised its benchmark interest rate by 75 basis points, the second in a row of that magnitude.
