Are we in a Recession or a Depression?

[BigmanPigman]

I'm not an economist but what are the guidelines for determining our current economic status and our near future status? Does it even make a difference? Is it just a label these days? Is the tRump admin. able to dictate actual or false economic statistics?

[ananda]

1. It's hard to tell when a corrupt

government and nedia are in charge of the messaging.

[Skittles]

2. and the numbers

yes indeed

[biophile]

3. It can be very local and even down to an individual

I think we are already in a recession nationally, although some areas are doing better - or worse. The actual indicators often lag because of the data collection and analysis but the gas price effect is going to show up very soon.
Individually, I am in a depression. This is all overwhelmingly sad and frustrating.

[Dave Id]

4. Even if it may technically 'only' a recession

housing, utilities, food, gasoline, and the general cost of living is pretty depressing.

[edhopper]

5. We still have economic growth

So technically we are not. But job numbers are awful and inflation is hurting every one.
Also the current government numbers can't be trusted.

[3_Limes]

6. An oldie (from the '70s. Or maybe earlier.)

A recession is when your neighbor is out of work. A depression is when you're out of work.


And - by definition, a recession is 6 consecutive months of decline in national economic output. So we're not there yet. At least technically.

[Johonny]

7. K shaped economy

Much of America has entered stagflation. Low job growth, higher inflation.

The top of the economy is not feeling it at all, though.

There's a solid chance of a recession come 3rd and 4th quarter. The longer the Iran war, the greater the chances. Inflation seems impossible to avoid.

[Redleg]

8. I call it a "deep funk"

But that is about my own emotional state. As for the economy, I don't think we are in recession territory yet because there is still some economic growth. The indicators don't look great though with slowly employment, rising prices, supply shocks, etc.

[MichMan]

9. No