Quote (Sioux @ Jul 30 2022 04:14am)

It's not but ok. The dangers of the internet is every monkey with an ipad suddenly thinking their an economist

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There is no official definition of recession, but there is general recognition that the term refers to a period of decline in economic activity. Very short periods of decline are not considered recessions. Most commentators and analysts use, as a practical definition of recession,two consecutive quarters of decline in a country’s real (inflation adjusted) gross domestic product (GDP)—the value of all goods and services a country produces (see “Back to Basics,” F&D, December 2008). Although this definition is a useful rule of thumb, it has drawbacks. A focus on GDP alone is narrow, and it is often better to consider a wider set of measures of economic activity to determine whether a country is indeed suffering a recession. Using other indicators can also provide a more timely gauge of the state of the economy.

Quote (ownyaah @ Jul 29 2022 07:16pm)

how can it not be a recession if GDP-decline continues? are you retarded?

If gdp declines 2-3 more quarters straight, will u still say Na bruh its fine, its just economy growing backwards direction?

The negative growth has been quite small, so for me I would say wait 1-3 more quarters if it continues in the same direction, but still to say the economy is growing is stupid

Generally speaking:


https://www.elibrary.imf.org/view/journals/022/0046/001/article-A021-en.xml

Quote

Although this definition is a useful rule of thumb, it has drawbacks. A focus on GDP alone is narrow, and it is often better to consider a wider set of measures of economic activity to determine whether a country is indeed suffering a recession. Using other indicators can also provide a more timely gauge of the state of the economy.

Quote (Sioux @ Jul 30 2022 04:21am)

Practical definition not formal definition. We could absolutely end the year in a recession, but we're not in one now.

From your literal quote

Conservative self owns

Quote (ownyaah @ Jul 29 2022 07:25pm)

Not american and not conservative. There has been 2 consecutive declines of GDP, very strong indicator for recession. That was all I said, and i said wait out 1 or even 2 more quarters and then you can't really deny it.

But let me guess even 4+ consecutive decline in GDP still won't mean recession? Na probably not shrinking even then it just means growing (backwards)

Quote (ownyaah @ Jul 29 2022 09:25pm)

Not american and not conservative. There has been 2 consecutive declines of GDP, very strong indicator for recession. That was all I said, and i said wait out 1 or even 2 more quarters and then you can't really deny it.

But let me guess even 4+ consecutive decline in GDP still won't mean recession? Na probably not shrinking even then it just means growing (backwards)

Quote (Goomshill @ Jul 29 2022 07:33pm)

2 consecutive declines of GDP aren't a strong indicator of a recession, they are the definition of it. We are in a recession and have been in one for some time. How long lasting it will be or how severe it will get is a matter of debate, but whether we are in one is not. Thats just the definition. Like the fact Richard Levine will never be a woman.

Quote (Sioux @ Jul 29 2022 10:48pm)

It hasn't been the formal definition for at least 30 years. It's a general rule of thumb but by no means the final say.

Quote (Mondain @ Jul 29 2022 08:13pm)

no need to split hairs

We are in a Recession