U.S. economy shrank at annual rate of 0.9% in the second quarter

The U.S. economy shrank between April and June of this year, a sign the U.S. may be teetering on the edge of a recession. 

The nation's gross domestic product, a measure of total spending on goods and services across the economy, fell at an annual rate of 0.9%, the Commerce Department said Thursday.

The contraction follows a 1.6% decline in economic activity in the first three months of the year and means the U.S. could currently be in a recession, which is broadly defined as two straight quarters of negative growth.