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A recession defined by two down quarters is still a recession even if it recovers in the third quarter. Biden was criticized for trying to spin off the accepte
by csomar 4y ago
A recession defined by two down quarters is still a recession even if it recovers in the third quarter.
Biden was criticized for trying to spin off the accepted definition for political gains.
- generj 4y agoA recession is defined as whatever NBER says it is. 2 quarters is a useful shorthand that frequently is wrong. The 2020 recession lasted all of three months; not anywhere near two quarters. The 2001 recession did not have two consecutive quarters of GDP decline. They explain why they do not use the two quarter method here: https://www.nber.org/research/business-cycle-dating/business-cycle-dating-procedure-frequently-asked-questions https://www.nber.org/research/business-cycle-dating/business...