What is a recession and who gets to decide ?

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What is a recession and who decides

My notes on 1st 5min on the podcast below.

Used to be 2 consecutive quarters when GDP was mostly manufacturing. Now the economy is much more service based .

Last 50 years recessions not always 2 consecutive quarters .

Tara Sinclair GW University NBER
No loss of economic activity or widespread loss of jobs

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