US GDP falls for second-straight quarter

U.S. gross domestic product (GDP) shrunk between April and June, according to data released Thursday by the Commerce Department, marking the second-straight quarter of economic contraction.

GDP fell at a yearly pace of 0.9 percent in the second quarter, according to the Commerce Department’s first estimate of economic growth over the previous three months. Put simply, the U.S. economy would shrink by nearly 1 percent if the second quarter’s pace of growth lasted for an entire year.