The "R" word - do you FEEL it?? That's what matters ...
Interesting that I had always found the definition of a Recession to be TWO Consecutive NEGATIVE QUARTERS.
However, I came across the NBER (National Bureau of Economic Research) definition in a Krugman blog post:
Since Paul used to work at the NBER and they date the Business Cycle (as the name above states), THEY OUGHTA KNOW, EH?!?
Laughing ....
OH - Paul also mentions the lack of substance in the 1st Quarter GDP report: Inventories UP, Consumer spending DOWN (lowest spending growth since 2001!).
REMEMBER that the GDP numbers we received last Wednesday were the ADVANCE report. The Preliminary and Final reports are still to come, which could be HIGHER, LOWER or relatively unchanged!! (For one, the trade numbers for the last month of the quarter are estimates in the advance report).
As I like to say: STAY TUNED!
However, I came across the NBER (National Bureau of Economic Research) definition in a Krugman blog post:
The NBER Business Cycle Dating Committee defines a recession as
a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Laughing ....
OH - Paul also mentions the lack of substance in the 1st Quarter GDP report: Inventories UP, Consumer spending DOWN (lowest spending growth since 2001!).
REMEMBER that the GDP numbers we received last Wednesday were the ADVANCE report. The Preliminary and Final reports are still to come, which could be HIGHER, LOWER or relatively unchanged!! (For one, the trade numbers for the last month of the quarter are estimates in the advance report).
As I like to say: STAY TUNED!
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