U.S. hits technical recession, but many sectors remain healthy

WASHINGTON, July 29: The U.S. economy shrank for the second consecutive quarter, meeting the textbook definition of recession, but the job market and other economic data remain healthy.

The U.S. gross domestic product (GDP), which refers to the value of all U.S.-produced goods and services, shrank by 0.9 percent at an annualized rate in the April-June quarter, according to data from the Commerce Department Thursday. The drop came on the heels of last quarter's 1.6 percent decline.