numbers confirm it the u.s. economy is slowing. two back-to-back negative quarters. it s not good. reporter: gross domestic products fell slightly by 0.9% the u.s. economy sh ri rinking for the second quarter in a row fueling fears of recession, fears president biden tried to calm. we ve created #9 million new jobs so far just since i ve become president businesses are investing in america at record rates. that doesn t sound like a recession to me. reporter: slowdowns in the housing market and consumer spending contributed to the decline but are also part of the federal reserve s goal to lessen demand by raising interest rates in an effort to bring inflation down from 40-year highs in a complex economy. this is a very unusual situation in that coming out of the pandemic we have this set of supply chain challenges that continue to affect the economy.
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