[kombucha13]

But recession means different things to different people. We have had 2 quarters of contraction but unemployment is low thus to a lot of people say we aren't in a recession but teetering close to it. Im of the mind that matters is conditions on the ground for regular people. Consumer spending remains high and unemployment remains low. Now that could change really quickly and if it does then I would be comfortable saying we are truly in a recession.

[prepend]

Recession has always meant two quarters of declining gdp. Or at least since I studied economics back in the 90s.

This seems bull-headed like claiming that inflation was only temporary a year ago. Using the wrong definition doesn’t help us any. It just makes people look stupid and/or detached from reality.

[kombucha13]

The NBER defines recession as:

"a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".

So make of that what you will