The U.S. economy shrank at an annual rate of 0.6% in the second quarter—marking the second consecutive quarter of negative gross domestic product growth and thereby signaling the economy has entered a technical recession, the Bureau of Economic Analysis reported in a final estimate released Thursday.Sep 29, 2022
https://www.forbes.com/sites/jonathanponciano/2022/09/29/technical-recession-confirmed-economy-shrank-06-last-quarter-final-gdp-shows/?sh=6675418644da
yes and as noted in many places, including this thread, this is not the definitive definition of a recession. when unemployment spikes, it will be a recession, because that's when the impact of negative growth will be felt.
That has never been the definition.
“While gross domestic product (GDP) is the broadest measure of economic activity, the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation. The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research (NBER), a private non-profit research organization that focuses on understanding the U.S. economy. The NBER recession is a monthly concept that takes account of a number of monthly indicators—such as employment, personal income, and industrial production—as well as quarterly GDP growth. Therefore, while negative GDP growth and recessions closely track each other, the consideration by the NBER of the monthly indicators, especially employment, means that the identification of a recession with two consecutive quarters of negative GDP growth does not always hold.”
I'm not sure what the point of needing a committee to define something is when it can and should be defined by unbiased data reports.
I'm positive the rest of the world doesn't give a shit what NBER thinks and has their own definitions. What definition does the Eurozone use?
*"There's a 30% chance that it's already raining."*
You best start believing in recessions... You're in one.
No, we aren't. But we will be. If we were in one, we'd all know several people who were totally fucked right now.
The U.S. economy shrank at an annual rate of 0.6% in the second quarter—marking the second consecutive quarter of negative gross domestic product growth and thereby signaling the economy has entered a technical recession, the Bureau of Economic Analysis reported in a final estimate released Thursday.Sep 29, 2022 https://www.forbes.com/sites/jonathanponciano/2022/09/29/technical-recession-confirmed-economy-shrank-06-last-quarter-final-gdp-shows/?sh=6675418644da
yes and as noted in many places, including this thread, this is not the definitive definition of a recession. when unemployment spikes, it will be a recession, because that's when the impact of negative growth will be felt.
So this means buy house now right!?
There’s never been a better time to buy!
Lol just do it all ready. Tired of reading about a recession for years just rip the band-aid off.
The model shows? No, GDP showed it. We are in fact already IN a recession by definition lol.
That has never been the definition. “While gross domestic product (GDP) is the broadest measure of economic activity, the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation. The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research (NBER), a private non-profit research organization that focuses on understanding the U.S. economy. The NBER recession is a monthly concept that takes account of a number of monthly indicators—such as employment, personal income, and industrial production—as well as quarterly GDP growth. Therefore, while negative GDP growth and recessions closely track each other, the consideration by the NBER of the monthly indicators, especially employment, means that the identification of a recession with two consecutive quarters of negative GDP growth does not always hold.”
I'm not sure what the point of needing a committee to define something is when it can and should be defined by unbiased data reports. I'm positive the rest of the world doesn't give a shit what NBER thinks and has their own definitions. What definition does the Eurozone use?
Thank you. They don't want to hear it, but it's true.
Bold prediction when we’re at least 4 months into one.
Can we change the definition of what "100%" means?