The U.S. Commerce Department reported that the nation's gross domestic product (GDP) increased by 1.3 percent between April and June, below economists’ prediction of a 1.8 percent growth rate. But the new numbers were overshadowed by a revision to figures from the first quarter, suggesting the economy is growing at a much slower pace than expected.

According to MarketWatch:

The new data on the inflation- and seasonally-adjusted value of all goods and services produced in the United States showed the economy barely grew at all in the January-through-March quarter, rising just 0.4% as opposed to the initially reported 1.9% improvement. At the same time, the government said the recession proved to be deeper than initially projected.

Speaking to MarketWatch, Mark Vitner, a senior economist at Wells Fargo, suggested that Congress may have to refrain from slashing government spending as part of a deal on increasing the debt ceiling.

Weak economic growth in the second quarter and negligible growth in the first quarter puts the nation at risk of entering another recession.

Justin Wolfers, an economist at the University of Pennsylvania's Wharton School, tweeted earlier that he thinks there is a "40% chance" the country entered a recession four months ago. 

 

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