Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by ConceitedCode on Thursday July 28, 2022 @01:39PM
(#32267721)
> 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...
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by dragonwriter on Thursday July 28, 2022 @02:32PM
(#32268411)
> 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.
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by seizethegdgap on Thursday July 28, 2022 @12:38PM
(#32266711)
> who's avoiding saying it?
No one is avoiding saying the word "recession". The current Executive Branch and Federal Reserve are both avoiding saying we are in a recession.
As pointed out by another commenter the NBER has never failed to declare a recession after two consecutive quarters of GDP reduction. This is a preliminary report, I would expect them to wait for the full report to actually declare it.
These things work a certain way. Whether that way is good or bad isn't relevant to this particular point, by expecting that way to change on a whim you're just being impatient.