Is the U.S in a recession?

Question

I am supposed to answer this question for homework and everyone has their own opinion...but my teacher said there is one CORRECT answer.

Serious answers only please. No opinions. Facts only please...this IS for a grade!

Thanks!! Have a great day!! :)

Answer 1

Theoretically and officially No with the current definition. Even economists could not answer your question. the above answer has been clear.

you got to look at the definition of GDP and its growth.

you got to look at which factors should be calculated into GDP growth.

and then how we can get negative GDP Growth, which sectors contribute that, which sectors won't at the current economic performance, the trends. then you will have your conclusion....

I cannot help you with the research, but some clues.  

Answer 2

It depends on how you want to answer.  

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

Types of GDP and GDP growth



Current GDP is GDP expressed in the current prices of the period being measured

Nominal GDP growth is GDP growth in nominal prices (unadjusted for price changes).

Real GDP growth is GDP growth adjusted for price changes.

The definition does not specify which GDP growth to use so you can chose how you want to answer it.  

Answer 3

Technically no. A recession is 2 consecutive quarters negative economic growth. Our growth is small right now but we have not had negative growth yet.