Today a second consecutive decline in GDP was reported which meets one widely accepted "technical" definition of recession. Recessions are officially declared by the National Bureau of Economic Research, a group of economists whose committee defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” That remains to be seen.
There are varying definitions of recession. What matters most is if you are personally in a recession. As the old adage goes if you lose your neighbor loses their job we are in a recession and its a depression when you lose yours.
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