According to the Commerce Department, America’s GDP fell 1.6% in the first quarter (Jan-Mar) of 2022 and then another 0.9% in the second quarter (seasonally adjusted annual rates).
The reason NBER was formed to begin with is everyone was arguing about the definition of a recession, so they formed this group to decide it. Technically the two quarter thing is what they decided but it is usually accompanied by other things like big unemployment, which is not happening now. We are closest to the fullest employment in 50 years. So I think Biden has a point.
The reason NBER was formed to begin with is everyone was arguing about the definition of a recession, so they formed this group to decide it. Technically the two quarter thing is what they decided but it is usually accompanied by other things like big unemployment, which is not happening now. We are closest to the fullest employment in 50 years. So I think Biden has a point.