The United States economy fell off in the second quarter of the year, and that does indeed meet the criteria for being in a recession.
GDP, in an initial reading, fell 0.2 percent in the 2nd quarter. President Joe Biden said any troubles would be temporary.
Back-to-back quarters of negative growth is one generally used as a criterion of recession.
Economists are on high alert awaiting data from the U.S. Commerce Department that might shed light on whether the country is in a recession or not.
Businesses have been scrambling to replenish stockpiles that were drawn way down during the worst pandemic.
In the United States, a panel of eight economists you've never heard of at the nonprofit National Bureau of Economic Research determine a recession.
It is the National Bureau of Economic Research’s Business Cycle Dating Committee that declares a recession officially.
The shortest recession was declared by the NBER when the US was hit by the first wave of the COVID-19 pandemic in 2020.
Democrats and Republicans are arguing over whether the United States economy is in a recession.