The White House doesn’t define what a recession is or is not and never has. That’s the job of NBER. They haven’t declared a recession yet. They may or may not.

The White House doesn’t define what a recession is or is not and never has. That’s the job of NBER. They haven’t declared a recession yet. They may or may not. In August, even though we were in the colloquial definition of a recession they didn’t declare one. They can and do back date recession dates to a previous date. But obviously haven’t made a call yet and the colloquial definition of a recession is not how they make that determination. This is all wonky academic Economics stuff but it’s not changed in a very long time and has nothing to do with the current administration as it’s not even a governmental function.