True statement: There was zero inflation in July.
Business Cycle Dating Committee. The group of esteemed economists isn’t an official government office, but professionals rely on it as the final arbiters when it comes to this topic. The committee defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months,” which they clock “based on a range of monthly measures” including income, spending, and hiring, among others.
Technically, the U.S.two consecutive quarters of contracting GDP after the dot com bubble burst in the early 2000s, but between the choppy growth and job losses that ensued, the period was counted as a recession. Right now, we’re experiencing an inverse situation: The economy is technically shrinking, but employers are still on a hiring binge. It’s hard to really call that a downturn, though who knows, it might turn into one, eventually.
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