{"id":1566171,"date":"2022-07-22T10:49:16","date_gmt":"2022-07-22T14:49:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1566171"},"modified":"2022-07-22T10:49:18","modified_gmt":"2022-07-22T14:49:18","slug":"what-exactly-is-recession-white-house-issues-note-defining-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-exactly-is-recession-white-house-issues-note-defining-recession\/","title":{"rendered":"What Exactly Is Recession? White House Issues Note Defining Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhat-exactly-is-recession-white-house-issues-note-defining-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1566171&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>White House economic advisers issued a note on Thursday clarifying the definition of <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a> prior to the release next week of probably dismal economic data.<\/p>\n<p>Most economists generally look for two consecutive quarters of decline in gross domestic product (<a href=\"https:\/\/www.theepochtimes.com\/t-gdp\">GDP<\/a>) to determine whether an economy has entered a recession. <a href=\"https:\/\/www.theepochtimes.com\/t-the-white-house\">The White House<\/a> Council of Economic Advisers, however, opposes this definition in a <a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2022\/07\/21\/how-do-economists-determine-whether-the-economy-is-in-a-recession\/\">new blog<\/a>.<\/p>\n<p>\u201cWhile some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,\u201d the officials wrote.<\/p>\n<p>The second-quarter GDP data will be released on July 28.<\/p>\n<p>The U.S. economy shrank at an annualized pace of <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-first#:~:text=Real%20gross%20domestic%20product%20(GDP,real%20GDP%20increased%206.9%20percent.\">1.6 percent<\/a> in the first quarter, and most economists are now forecasting another drop in the second quarter.<\/p>\n<p>The Atlanta Federal Bank\u2019s GDPNow\u00a0<a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\">estimate<\/a>\u00a0shows that the United States is currently in an economic downturn. The model projects that the contraction in the second-quarter GDP would be negative 1.6 percent.<\/p>\n<p>Recessions, according to the White House, should be determined and \u201cbased on a holistic look at the data,\u201d by taking into account the labor market, consumer and business spending, industrial production, and earnings, as opposed to economic growth data in just two quarters.<\/p>\n<p>The White House claims that the most recent economic data, including the strong jobs market, do not indicate a recession.<\/p>\n<p>\u201cBased on these data, it is unlikely that the decline in GDP in the first quarter of this year\u2014even if followed by another GDP decline in the second quarter\u2014indicates a recession.\u201d<\/p>\n<p>However, many economists believe the chances of a \u201c<a href=\"https:\/\/www.theepochtimes.com\/economic-soft-landing-prospects-are-fading_4560786.html\">soft landing<\/a>\u201d for the U.S. economy have diminished. Economic activity has been slowing for the past several months. Consumers are cutting back on their spending due to rising inflation and declining real wages. In<\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House economic advisers issued a note on Thursday clarifying the definition of recession prior to the release next week of probably dismal economic data. Most economists generally look for two consecutive quarters of decline in gross domestic product (GDP) to determine whether an economy has entered a recession. The White House Council of Economic [\u2026]<\/p>\n","protected":false},"author":531,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1566171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1566171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/531"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1566171"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1566171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1566171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1566171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1566171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}