NVDL: Still, no one in the corridors of power dare mention the 'R' word. There's an election underway, don'tcha know?
Consumer spending, which accounts for two-thirds of the economy, dropped by the largest amount in 28 years in the third quarter.
The classic definition of a recession is two consecutive quarters of negative GDP. Many analysts believe the GDP will decline in the current October-December period by an even larger amount and they are forecasting a negative GDP figure in the first three months of next year.
The National Burea of Economic Research, which is the official arbiter of recessions in this country, has not said when it will make its determination of whether the country has entered a recession.