The GDP number for Q2 is out: -0.2%.
So technically, weโre in a recession (two quarters of negative GDP), but per the New York Times: declaring a recession falls to a private, nonprofit research organization, the National Bureau of Economic Research. The group defines a recession as โa significant decline in economic activity that is spread across the economy and lasts more than a few months,โ and it bases its decisions on a variety of indicators โ usually only months after the fact.
