US economy in recession after second quarter contraction

Data show US GDP shrank just under 1% in the three months to June, compared to the same quarter last year. That follows a larger contraction in the first three months of the year. Most economic literature will tell you that two consecutive quarters of decline means a technical recession. The state of the US economy will have broad implications for the rest of the world. That's according to the IMF's updated World Economic Outlook released this week. It slashed its forecast for global growth, citing the conflict between Russia and Ukraine. For more on that, we spoke to Mickey Levy in New York, who is the chief economist for the US and Asia at Berenberg Capital Markets. #Recession #UnitedStates #GDP