The White House Council of Economic Advisers said on July 21 that even if Friday’s advance estimate of the country’s GDP is negative, it’s still “unlikely” to be indicative that the country is in a recession.
Recessions refer to two consecutive quarters of negative economic growth.
In a blog post, the council of economic advisers says that two consecutive quarters of falling GDP doesn’t mean the country is in a recession.
“What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the blog post states.
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