2 ms·
> We're not in a recession. Yet. Based on what? Perhaps we can discard the classic "two quarters of negative GDP growth". But if we do, then from whose perspe
by leereeves 4y ago
> We're not in a recession. Yet.
Based on what?
Perhaps we can discard the classic "two quarters of negative GDP growth". But if we do, then from whose perspective does a 3% drop in real wages in six months [1] (and a 4.4% YoY drop in real weekly earnings [2]) not count as a recession?
1: https://www.statista.com/statistics/216259/monthly-real-average-hourly-earnings-for-all-employees-in-the-us/ https://www.statista.com/statistics/216259/monthly-real-aver...
2: https://www.bls.gov/news.release/realer.htm https://www.bls.gov/news.release/realer.htm
- lamontcg 4y agoYou don't have recessions without job losses and unemployment claims: https://www.statista.com/statistics/193280/seasonally-adjusted-monthly-number-of-unemployed-persons-in-the-usa/ https://www.statista.com/statistics/193280/seasonally-adjust...
- leereeves 4y agoFirst, is there any precedent for that restriction? And second, why not? If everyone still has a job but their wages have decreased, that's still an economic contraction, at least from the worker's perspective.