That's not entirely accurate. That's the standard definition of a Recession, but it's very simplistic. If we were to use that standard than there was no recession in 2001, according to government provided data. By that standard, 1980-1982 only saw one recession between the second and third quarter of 1980, yet economically those were very turbulent times. A more precise way to tell if we're in a recession is done by the the National Bureau of Economic Research. They define a recession using four statistics: employment, real personal income less transfer payments, real manufacturing and trade sales, and industrial production data. Their latest press release shows a decrease in nearly all sectors of the economy: http://www.conference-board.org/pdf_...ci/LEI0908.pdf.
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