How do I know we are in recession? I have an assignment to appraise an 18-hole golf private country club course with modern club house in the middle of city and has been in operation for over 50 years. Couldn't make expenses. The last one I appraised 18 months ago was sucking wind and just getting by. Another was having cash flow/membership problems.
The lower middle class is gone with the wind. It's back to the old bowling alley with the guys from the union hall. Cheers. I alreday have my bowling ball with Dale Earnhart Jrs picture on it.
The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.