America's employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending but still added 315,000 jobs.

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The U.S. economy shrank at a 0.6% annual rate from April through June, the government said Thursday in a slight upgrade from its initial estimate. It marked a second straight quarter of economic contraction, which meets one informal sign of a recession.

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Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months.

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The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

Tagged with: economy Jerome Powell Joe Biden

The U.S. economy is caught in an awkward, painful place. A confusing one, too.

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Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.

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After a year of soaring prices for gas, food and other necessities, inflation may have eased slightly in April from a 40-year high, the first slowdown after seven consecutive months of worsening price increases.

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The U.S. economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession.

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U.S. economic activity "downshifted" in July and August due to rising concerns about COVID's delta variant, as well as supply chain problems and labor shortages, the Federal Reserve's latest survey of the nation's business conditions revealed.

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U.S. employers added 559,000 jobs in May, an improvement from the sluggish gain seen in April but still evidence that many companies are struggling to find enough workers as the economy rapidly recovers from the pandemic recession.

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