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this post was submitted on 17 Oct 2023
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What’s the definition now?
It wasn't redefined. They just never fully understood the definition. It isn't just two quarters of negative growth though that's the common definition. The NBER, who declare recessions, look at other aspects such as employment numbers before making the call. The employment numbers were too good to justify calling it a recession.
If a Democrat is in office, it's a recession.
The two quarters thing was always a rule of thumb. The real definition is more subjective.