It's official: We're in a recession.

[KappaKittyCat]

Originally Posted by RU OX Alum

Isn't there some kind of standard definition for what qualifies as a recession? Like, if the GNP falls by a certain percentage for two consecutive fiscal quarters?

Yes. According to Wikipedia's entry on the subject, in macroeconomic terms, "a recession is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year."

So while the economic contraction has been felt by individuals all over for a long time now, I think we're just now entering our second quarter of actual GDP decline.

You know how those economists are such sticklers for rules...