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White House says a second consecutive quarter of negative GDP 'unlikely' to be indicative of recession
A Republican National Committee spokesperson said that this further underscores how 'out of touch' President Biden is with Americans
By Adam Sabes FOXBusiness
White House tries to redefine 'recession'
'Word on Wall Street' panel with Ross Mayfield, Mike Murphy, and Kevin Mahin takes a closer look on 'Mornings with Maria.'
The White House Council of Economic Advisors said on July 21 that even if Friday's advance estimate of the country's GDP is negative, it's still "unlikely" to be indicative that the country is in a recession.
Recessions refer to two consecutive quarters of negative economic growth.
In a blog post, the council of economic advisors says that two consecutive quarters of falling GDP doesn't mean the country is in a recession.
"What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle," the blog post states.
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https://www.foxbusiness.com/politics/white-house-says-second-consecutive-quarter-negative-gdp-unlikely-indicative-recession