As concerns mount about a possible recession this year, White House National Economic Council director Brian Deese argued that a second consecutive quarter of negative GDP growth was technically “not a recession.”
According to Deese, the “technical definition considers a much broader spectrum of data points.” He also emphasized the need to look ahead rather than “technical debates about backward-looking data.”
CNN “New Day” host John Berman said, “It sounds like you’re anticipating what will be comments from some saying two quarters of negative growth in a row — that’s a recession.”
“Right,” Deese replied. “And certainly, in terms of the technical definition, it’s not a recession. The technical definition considers a much broader spectrum of data points. But in practical terms, what matters to American people is whether they have a little economic breathing room, they have more job opportunities, their wages are going up.
