At what point will the government officially say we're in a recession? We have the highest unemployment rate

Question

in 40 years and gas and food prices have increased substantially.

Answer 1

When the Bush administration leaves office, they'll admit we're in a reccession.

Answer 2

When the GDP drew faster in the second quarter of this year than in the first, that dispels the idea that we are heading into a recession.  That doesn't mean everything is rosy and great, simply that the definition and depth of problems has not yet risen to the level of a recession and is actually moving away from it.  It will take a couple of more quarters moving in this direction before people will realize the gains in more jobs and other tangibles that affect your individual outlook.

Definition: A recession is defined to be a period of two quarters of negative GDP growth.

Unlike a recession, there is no official definition for a depression, even though some have been proposed. Generally it is marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced given current resources and technology (potential output). One could say that while a recession refers to the economy "falling down," a depression is a matter of "not being able to get up."

Answer 3

That's 4 years darlin...NOT 40.  A recession is defined as as two consecutive quarters of negative growth in the economy.

Answer 4

When we have has 2 consecutive quarters of negative growth which is the definition of a recession and which hasn't happened yet.