Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by jhoward321 on Thursday July 28, 2022 @10:27AM
(#32264766)
They didn't redefine recession, that's been defined by NBER. I agree there's some spin, but this statement isn't correct.
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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by peyton on Thursday July 28, 2022 @10:32AM
(#32264844)
The NBER is a private think tank. You may be confusing them with the Bureau of Economic Analysis, which is an independent federal agency.
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by jmalicki on Thursday July 28, 2022 @12:58PM
(#32267037)
No, it is the NBER. Even the BEA says the NBER officially defines recessions:
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by tinalumfoil on Thursday July 28, 2022 @10:49AM
(#32265101)
There’s no official definition. It’s like saying you’re sick, you can be sick even if doctors can’t point to what’s wrong with you, and you aren’t necessarily sick even if you have a condition. The two quarters thing is just a really widely recognized rule of thumb. The idea that there’s some sort of official definition every economist agrees on is incorrect. The idea that there’s an organization that owns the word recession is also wrong.