U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?
The U.S. economy shrank in the last three months by 0.9%.
This is the second consecutive quarter where the economy has contracted. In the first quarter, GDP, or gross domestic product, decreased at an annual rate of 1.6%.
While two consecutive quarters of negative growth is often considered a recession, it's not an official definition
A nonprofit, non-partisan organization called the National Bureau of Economic Research determines when the U.S. economy is in a recession.
An NBER committee made up of eight economists makes that determination and many factors go into that calculation.
The White House has pushed back against calling the current economy a recession. It is no doubt aware of the role the economy is going to play in the midterm elections.