It wasn’t redefined. They just never fully understood the definition. It isn’t just two quarters of negative growth though that’s the common definition. The NBER, who declare recessions, look at other aspects such as employment numbers before making the call. The employment numbers were too good to justify calling it a recession.
It wasn’t redefined. They just never fully understood the definition. It isn’t just two quarters of negative growth though that’s the common definition. The NBER, who declare recessions, look at other aspects such as employment numbers before making the call. The employment numbers were too good to justify calling it a recession.