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US plunges into recession as rest of world braces for similar fate

The US economy has officially plunged into recession in a sign of things to come for the rest of the world, figures published today revealed.

The American economy unexpectedly shrank 0.9 per cent in the three months to June, marking the second successive quarter the economy has contracted, meeting the common definition of a recession.

The fresh figures illustrate the scale of damage historic high inflation is wreaking on the world’s biggest economy.

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