US economy shrank 0.9% last quarter for its second straight drop

The GDP report for last quarter pointed to weakness across the economy (PA)

The US 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.

The decline that the Commerce Department reported on Thursday in the gross domestic product – the broadest gauge of the economy – followed a 1.6% annual drop from January through March.