A US Recession Can't Officially Happen Unless Eight People Say So
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Two consecutive quarters of negative gross domestic product growth. That's how most countries, and basically everyone on Wall Street, defines a recession. But not, would you believe, the US government.
A Bloomberg report on Tuesday was smart to point out that, technically, the world's largest economy only recognizes a recession when it's declared by an obscure cloister of eight elite economists. One former member called them "Ivory Tower eggheads." Here's how they work.
Source Fool.com
