Ah yes, the self-appointed, private, and secretive cabal of folks that decided they would be arbiters of truth, NBER.
Here's the thing -- there is no "official" or "legal" definition of recession in the United States. Yes, you'll hear regulators and politicians defer to NBER, but that's it.
The most common definition used by economists and the financial industry is the same one used world-wide: two quarters of negative growth. And by that measure we're in a recession.
Here's the thing -- there is no "official" or "legal" definition of recession in the United States. Yes, you'll hear regulators and politicians defer to NBER, but that's it.
The most common definition used by economists and the financial industry is the same one used world-wide: two quarters of negative growth. And by that measure we're in a recession.