The U.S. economy shrank again for a second straight quarter, at an annual rate of 0.9 percent, which has often signaled a recession. The second quarter slowdown reflected shifting consumer and business behaviors. Retailers bought fewer items, including cars, as consumers shifted their spending away from goods to services such as restaurants and hotels. In the meantime, inflation has been at 40-year highs for several months, home sales are weakening and even the-red hot labor market is beginning to show cracks. Is the world economy shrinking ?

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