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.
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".
https://en.wikipedia.org/wiki/Recession
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As she (Yellen) explains, the technical and actual definition of a recession takes into account “a broad range of data” and states “this is not an economy that’s in recession.”
TODD: “If the technical definition is two quarters of contraction, you’re saying that’s not a recession?”
YELLEN: “That’s not the technical definition.
There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look at right now continues to be strong.
I would be amazed if they would declare this period to be a recession, even if it happens to have two quarters of negative growth. We have a very strong labor market. when you are creating almost 400,000 jobs a month, that is not a recession.”
https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/24/icymi-treasury-secretary-yellen-says-us-economy-not-in-recession/
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