![]() ![]() Similarly, a spokesperson for Congress’s Joint Economic Committee also said that the committee relies on that description. When contacted on Monday, a spokesperson pointed the Washington Examiner to the National Bureau of Economic Research’s definition. The Bureau of Economic Analysis, which tracks the country’s GDP growth, doesn’t have its own definition of a recession. Still, there are some drawbacks to looking to the group to declare a recession, chief among them being that it can take months for the group to announce a period is recessionary, meaning that the economy could be in a recession but the group just hasn’t declared it given the lag time. Instead, it relies on the judgment of a group of economists. It doesn't provide a concrete definition. Instead, government officials, economists, and many others use recession designations provided by the National Bureau of Economic Research, a private academic group. There is no official government definition of a recession. Thursday's report from the Bureau of Economic Analysis could show a second quarter in a row of negative GDP growth.Ĭommonly, a recession is understood as two consecutive quarters of a declining GDP.īut economists in the Biden White House recently claimed that that is not the official definition of a recession, nor an appropriate one. ![]() The definition of a recession is a political fault line ahead of the release Thursday of gross domestic product numbers for the second quarter. ![]()
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