A Comment About
Democrats Halted Recovery, Derailed Economy Last Summer
February 12, 2009 - 12:00 am
Tully
2009-02-12 09:54:58
The NBER definition of recession is different than the one used by most economists. Textbook is an actual decline in real GDP growth for two or more quarters. NBER doesn’t wait for GDP to actually contract, only for it to decline from previous growth levels. This makes their call of “recession” rather subjective.
As you note, the recession (classic definition) did not begin until the second half of 2008.
