"And it’s rare for there to be two consecutive quarters of negative GDP without a recession. In fact, George Washington University professor Tara Sinclair said the only time on record appears to have been 1947."
Great question! Not that I'm aware of (EDIT:
sseagull provided a good example in 1947). To be fair, I can't think of any time where we've seen 2 quarters of negative GDP growth while maintaining "full" employment and wage growth. This is an unusual recession if it is a recession.
This is a recession. During a recession, the economy tends to lose 10% of its employment or more. Usually this is from loss of jobs. This time, inflation has cut everyone's pay by between 10 and 30% depending on who you ask. The CPI says 10%, but a lot of necessities, like energy and food, are up a lot more.
"And it’s rare for there to be two consecutive quarters of negative GDP without a recession. In fact, George Washington University professor Tara Sinclair said the only time on record appears to have been 1947."
From: https://www.washingtonpost.com/politics/2022/07/25/biden-adm...