> and definitions "have to be changed" for bidens words to be "true". Two negative quarters has never been the definition in the US. NBER in 2003: > Q:The fin

> and definitions "have to be changed" for bidens words to be "true". Two negative quarters has never been the definition in the US. NBER in 2003: > Q:The financial press often states the definition of a recession as two consecutive quarters of decline in real GDP. How does that relate to the NBER's recession dating procedure? > A: Most of the recessions identified by our procedures do consist of two or more quarters of declining real GDP, but not all of them. According to current data for 2001, the present recession falls into the general pattern, with three consecutive quarters of decline. Our procedure differs from the two-quarter rule in a number of ways. First, we use monthly indicators to arrive at a monthly chronology. Second, we use indicators subject to much less frequent revision. Third, we consider the depth of the decline in economic activity. Recall that our definition includes the phrase, "a significant decline in activity." * https://web.archive.org/web/20030206100218/http://www.nber.org/cycles/recessions.html https://web.archive.org/web/20030206100218/http://www.nber.o... "Our procedure differs from the two-quarter rule in a number of ways." You'll probably find similar verbiage on NBER's site in 2022.