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U.S. economy shrank for two straight quarters, but "it's not as bad as we thought it was"

Name: U.S. economy shrank for two straight quarters, but "it's not as bad as we thought it was"
Uploaded: 2022-08-25T12:02:08-0400
Duration: 3 min 7 s
Description: The Bureau of Economic Analysis reports the GDP fell 0.6% during the second quarter. Jeanna Smialek, a Federal Reserve and economy reporter for The New York Times, joins CBS News to discuss the decline and a highly anticipated speech by Fed Chairman Jerome Powell at the Kansas City Federal Reserve's Economic Policy Symposium.

The Bureau of Economic Analysis reports the GDP fell 0.6% during the second quarter. Jeanna Smialek, a Federal Reserve and economy reporter for The New York Times, joins CBS News to discuss the decline and a highly anticipated speech by Fed Chairman Jerome Powell at the Kansas City Federal Reserve's Economic Policy Symposium.