US economic growth has been falling steadily for the past two years, and has now fallen below the rate of inflation, according to a new economic definition published by the US Association of Business Economics.
The report, from the US Chamber of Commerce, said the economy had lost nearly 5% of its economic output between January and March, as it has struggled to keep up with the rate at which inflation was rising.
It also said the unemployment rate had fallen to a five-year low, from a peak of almost 20%.
The group also highlighted a number of other economic measures that had declined in value since the recession began, including the US manufacturing sector, which has lost nearly 6,000 manufacturing jobs since the start of the downturn, and the construction industry.
“The recovery in the economy has slowed, and economic activity is slowing down as well,” the Chamber said in its new report.
In its report, the association also said that the rate and magnitude of the decline in economic output was likely to be “significantly greater” in the future.
More: The economy has lost more than 5% in GDP since January, and it’s likely to continue to lose that much in the coming years, according the association’s economists.
But the association said that while this was a positive development, the US economy still has much to improve.
That includes finding ways to support the construction and manufacturing sectors and boost the US’s exports, it said.
US businesses were “continually adding jobs and generating economic growth,” the group said.
“While the recovery is encouraging, we know that there is still much work to be done.”
The association’s report was issued just days before the Trump administration announced it was pulling the US from the Trans-Pacific Partnership trade deal, which the US has been seeking to negotiate with 11 other Pacific Rim countries.
Trump has called the TPP a “disaster”.
US manufacturing fell by 6.1% between January 2016 and March 2017, according a report by the Bureau of Labor Statistics.
At the same time, the manufacturing sector in the US added more than 1.5 million jobs in the first six months of 2017.
While the economy was expanding at a faster rate than it has in years, it has also been hit by the collapse in oil prices.
On Friday, the White House said that prices were still higher than they had been in years.
And a report released on Monday from the Office of Management and Budget found that US economic output fell at the fastest rate in seven years in the second quarter.
Despite the recent downturn, the number of Americans who were unemployed in March rose to 8.2 million, up from 8.1 million a year earlier.
Even though the economy is expected to recover soon, the numbers of people out of work will continue to grow, the report found.
Read more: What the world has in store for the US economic recovery