Explainer-How do you define a recession? Let us count the ways

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WASHINGTON (Reuters) – Whether the United States, the world’s largest economy, will slip into a recession is a growing concern for chief executives, the Federal Reserve, and the administration of President Joe Biden. But defining what a recession is, and predicting when it will happen, is not straight-forward. WHAT IS A RECESSION? A recession is often defined as two consecutive quarters where the economy shrinks instead of grows, but with plenty of caveats. The COVID-19 pandemic recession only lasted two months, for example, the shortest cycle on record. Graphic: The COVID-19 recession and hig…

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