Definitions of Recession

Source: EconLog
by David Henderson

“Journalist Clark Merrefield contacted me last week for a piece he was writing on the topic of recessions. His article appeared yesterday at The Journalist’s Resource. It’s titled ‘Are we in a recession? 4 things journalists should know when covering an economic downturn.’ In follow-on emails, Clark and I shared our pet peeves about sloppy journalist reporting on numbers. One of his is in #1 of his 4 tips: ‘Clarify the difference between quarterly changes and annual rates, especially in headlines.’ That’s certainly high on my list. While he and I agreed that the NBER’s Business Cycle Dating Committee is an important arbiter of whether a recession occurred, we disagreed, as you can see from his article, about whether its definition is the official one.” (08/03/22)