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Here’s what a possible recession could mean for American consumers

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Americans want to know: Is this a recession or not?

Officially, the National Bureau of Economic Research defines recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

In fact, the latest quarterly gross domestic product report, which tracks the overall health of the economy, showed a second consecutive contraction this year.

More from Personal Finance:
What the Fed’s 75-basis point rate hike means for you
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Nearly half of all Americans are falling deeper in debt

However, both President Joe Biden and Federal Reserve Chair Jerome Powell said we’re not in a recession…



Source cnbc.com

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