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A recession hasn't been declared yet (though may be in the future, retroactively including parts of this year). Laypersons often define it as 2 quarters of nega
by ac29 4y ago
A recession hasn't been declared yet (though may be in the future, retroactively including parts of this year). Laypersons often define it as 2 quarters of negative GDP growth, which has happened, but that is not the official definition in the US. The actual definition is more complex, and includes things like unemployment levels, which are at generational lows.
- seti0Cha 4y agoThis argument always goes the same way, yet for some reason I don't think I've seen it all the way to the end. Let supply the next part: The notion of an "official" definition, and that it must be "declared" were introduced when the prior definition indicated a recession and the powers that be either did not want to admit there was one, or did not think this one should really qualify. Ok, that's part 3. Somebody supply part 4.
- polski-g 4y ago> Laypersons often define it as 2 quarters of negative GDP growth No. No they do not. The official definition is 2 quarters -- the layperson defines it to be whatever they feel like.