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The drumbeat of recession grew louder after the US economy shrank for a second straight quarter as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied businesses and housing.

GDP fell at a 0.9% annualised rate after a 1.6% decline in the first three months of the year, the commerce department’s preliminary estimate showed this week. Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period...

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