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Odds are, U.S. is in a Recession

January 22, 2008

Calling a recession is as much art as science.

“The street definition of a recession as two consecutive quarters of declining gross domestic product is not quite right. Most recessions have met that definition, but the economic historians who have the task of making these judgments have a more nuanced view that takes monthly data into account.”

Economists now creatively stretch the meaning of recession to fit the need.

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