to recess or not to recess.
The truth is, I don't know jack about economics. I never took macro or micro in college I mean--I don't even balance my checkbook. That's probably why I didn't understand this story on Marketplace which said the "business barometer," put out by the National Association of Purchasing Management in Chi (which has predicted 4 of the last 5 recessions says the U.S. "could be in a recession at this time."
How come we don't know? Do you not know until after? Seems like if the key feature of recession is "spending is down" and spending is, in fact, down...
Labels: npr
posted by erika @ 7:53 PM
1 Comments:
At 8:57 AM,
Davíd said…
One of the most commonly accepted definition for a recession is two consecutive quarters of decline in real GDP. Thus, if there has only been one quarter, it is possible to say that you might be in the middle of one.
Of course, there are tons of other definitions of recession as well, some as vague as "a period of general economic decline." Economics is not an exact science.
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