[ConceitedCode]

> As pointed out by another commenter the NBER has never failed to declare a recession after two consecutive quarters of GDP reduction.

That isn't 100% accurate. There is 1 example from 1947 where we had two consecutive quarters of negative GDP, but positive jobs, positive industrial production and positive consumer spending and NBER doesn't consider it a recession.

2001 was the opposite. It was called a recession without consecutive 2 quarters of negative GDP growth. [1]

[1] https://en.wikipedia.org/wiki/Early_2000s_recession#/media/F...

[dragonwriter]

> 2001 was the opposite. It was called a recession without consecutive 2 quarters of negative GDP growth.

Also 2020, and that wasn't even two down quarters with a gap; the whole recession was 2 months long.