The numbers: The U.S. shrank in the first six months of the year, revised government figures show that the economy was battered by strong headwinds and tailwinds.
The Bureau of Economic Analysis said that the gross domestic product, the official scorecard of the economy, fell by 0.6% in the second quarter. It is the same as it was before the estimate.
The previously reported 1.6% decline in first-quarter GDP was also unchanged.
The new data was unveiled as part of the government's annual process of adjusting the prior five years worth of data based on new information.
The revised numbers could show growth instead of contraction, according to some economists. Political partisans have been divided over whether the U.S. had fallen into a recession ahead of the pivotal fall elections in which control of Congress is at stake. A recession is defined as two consecutive quarters of negative GDP.
The strongest labor market in decades shows that the economy is still in expansion mode, even though U.S. growth has slowed. The unemployment rate is close to the lowest level since the 1960s and businesses are hiring, layoffs are at a record low.
The debate might already be moot. The U.S. economy is facing stronger headwinds this fall and another recession is looming.
The GDP figures updated give a slightly clearer view of what s happened to the economy since the Pandemic, but it tells us nothing about the future. The latest forecasts show that a storm is brewing as 2023 approaches, and the third quarter is likely to show the economy expanding again.
The Federal Reserve is expected to slow the economy and boost unemployment, but its aggressive strategy is also expected to increase the cost of borrowing to rein in high inflation. In four years, many economists believe that there will be a second recession.
Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX were set to open lower in Thursday trades.