Re:US Gross Domestic Product, Second Quarter 2022 (Advance E...
by dragonwriter on Thursday July 28, 2022 @05:28PM
(#32270334)
> On the other hand, we just went through a once per lifetime pandemic and a once per lifetime consumer stimulus package
And—relatedly—a once-in-ever declaration of a recession of less than one quarter, because of how uniquely sharp the decline in output, employment, and all the recession-relevant measures was, even though it quickly reversed direction due to stimulus and other policy responses.
So it's kind of weird people today pretending that the 2-consecutive-doen-quarter thing has always been an ironclad definition of a recession.
And—relatedly—a once-in-ever declaration of a recession of less than one quarter, because of how uniquely sharp the decline in output, employment, and all the recession-relevant measures was, even though it quickly reversed direction due to stimulus and other policy responses.
So it's kind of weird people today pretending that the 2-consecutive-doen-quarter thing has always been an ironclad definition of a recession.