CNN now admits we "may" be in a recession. A recession is clearly defined as 2 consecutive quarters of economic downturn. There's no "maybe"
We are in a recession.
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SomeMichGuy · M
Hmmm...the Wikipedia article on "Recession" has
[quote]Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.[3][4][5] In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".[6] In the European Union, a recession is defined as "zero or negative growth of GDP in at least two successive quarters".[7] In the United Kingdom, it is defined as negative economic growth for two consecutive quarters.[8][9][/quote]
The NBER memo referenced as note 6 is:
[i]https://www.nber.org/news/business-cycle-dating-committee-announcement-january-7-2008[/i]
[quote]Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.[3][4][5] In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".[6] In the European Union, a recession is defined as "zero or negative growth of GDP in at least two successive quarters".[7] In the United Kingdom, it is defined as negative economic growth for two consecutive quarters.[8][9][/quote]
The NBER memo referenced as note 6 is:
[i]https://www.nber.org/news/business-cycle-dating-committee-announcement-january-7-2008[/i]