Recessions in the U. S. are officially declared by the obscure-sounding National Bureau of Economic Research, a group of economists whose Business Cycle Dating Committee defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”how does the schoringer wave equation help to understand the probability of finding the electron near the nucleus?
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Is the U.S. in recession? How do we know when a recession has begun?
Six months of contraction is a long-held informal definition of a recession. Yet, nothing is simple in the post-pandemic economy
AP
WASHINGTON
AUGUST 25, 2022 19:59 IST
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Representational image | Photo Credit: AP
The U. S. government on Thursday updated its estimate of the country’s economic performance in the April-June quarter and confirmed what it had reported last month: That the economy shrank for two straight quarters.
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Six months of contraction is a long-held informal definition of a recession. Yet nothing is simple in the post-pandemic economy. Growth may be negative, but the job market is strong. The economy's direction has confounded Federal Reserve policymakers and many private economists since growth screeched to a halt in March 2020 as COVID-19 struck and 20 million Americans were suddenly thrown out of work.
Even as the U. S. economy shrank over the first half of this year, employers added 2.7 million jobs — more than in most entire years before the pandemic struck. In July, the economy added over a half-million more jobs. The unemployment rate sank to 3.5%, a half-century low. Robust hiring and exceedingly low unemployment aren’t consistent with a recession.