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In the US, business cycles are declared by the National Bureau Of Economic Research - and their definition of recession is not just about GDP: The NBER does no
by jsm386 17y ago
In the US, business cycles are declared by the National Bureau Of Economic Research - and their definition of recession is not just about GDP:
The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
- jbooth 17y agoWell, ok then, but it does say something that they nod in the direction of "what everyone else defines a recession as, very specifically" before offering their own redefinition :)