Huh! I was about to say "no, we have to see two quarters of decline". Except, NBER no longer uses that rule and hasn't for a decade: > The NBER does not define

Huh! I was about to say "no, we have to see two quarters of decline". Except, NBER no longer uses that rule and hasn't for a decade: > 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. For more information, see the latest announcement from the NBER's Business Cycle Dating Committee, dated 9/20/10. [1] https://www.nber.org/cycles.html https://www.nber.org/cycles.html