The US economy has shrunk for two seasons, but Biden is still optimistic

(Morning News) The latest data shows that the US economy has shrunk for two consecutive quarters, but President Biden does not think that the US economy has entered a decline.

Reuters reported that the first estimated data released by the US Department of Commerce on Thursday (July 28) showed that the GDP in the second quarter of this year calculated 0.9%at the annual rate.The US economy has shrunk for two consecutive quarters.

Bidden and senior White House officials tried to relieve concerns with some positive data, including the lowest point in the 50 years, and the manufacturer continued to invest in the minimum of 50 years.

Biden said a speech to the media on the 28th: "This does not look like an economic recession."

Biden said in an earlier statement that the economy slows downIt is not surprising that this was caused by the US Federal Reserve Agency taking inflation measures. He emphasized that "we are moving forward in the right direction. After this transition period, we will be stronger and safer."

According to the public opinion survey of Reuters / Iposo, Biden's support rate has fallen to a historical low of 36%.Food, natural gas and housing costs have risen, and the economy is listed as the most concerned on American voters.

November 8th is the mid -term election in the United States. Worries about the economy may not be conducive to the Democratic Party to continue to control Congress.At present, the Democratic Party has only a weak advantage in Congress.

The data released by the US Department of Commerce on the 28th shows that in the second quarter of this year, about 70%of the personal consumption expenditure of about 70%of the US economy increased by 1%, the increase was slower than the first quarter;Investment in non -residential fixed assets increased by 10%over the first quarter.

In the season, the federal government expenditure decreased by 3.2%.Following the decline in private inventory investment in the first quarter, the second quarter continued to drag the economic decline of 2.01 percentage points.Net exports boost the annual economic growth of 1.43 percentage points.