Although the traditional definition of a recession is two consecutive quarters of a decline in the gross domestic product — and that hasn’t happened yet — Bloomberg News editor in chief Matthew Winkler has told the wire service’s editorial staff that it’s permissable to write that the U.S. is in a recession.
“The NBER defines a recession as a ‘significant’ decrease in activity over a sustained period.
“We also can refer to a global economic recession, based on the Nov. 6 statement from the International Monetary Fund. The economies of Germany and the 15 European nations that use the euro have contracted for two quarters, meeting the technical definition of a recession.
“Check with the local economy team or with Dan Moss, economy managing editor, before referring to recessions elsewhere.”
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