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‘We should have an objective definition’
Officially, the NBER defines a 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.
Still, if the NBER ultimately declares a recession, it could be months from now, and it will factor in other considerations, as well, such as employment and personal income.
What really matters is their paychecks aren’t reaching as far.
Tomas Philipson
former acting chair of the White House Council of Economic Advisers
That puts the country…
Source cnbc.com
