The NBER, who declare recessions, never said there was one because the jobs numbers did not in any way suggest a recession. It’s not just two quarters of negative growth that determine a recession and based on the fact that in Q1&2 it was fairly easy to find work suggested to the NBER that we weren’t in a recession but rather a new an undefined situation.
The NBER, who declare recessions, never said there was one because the jobs numbers did not in any way suggest a recession. It’s not just two quarters of negative growth that determine a recession and based on the fact that in Q1&2 it was fairly easy to find work suggested to the NBER that we weren’t in a recession but rather a new an undefined situation.