Are we in a recession?

Today, Explained

Vox

News, Daily News, Politics

4.3 • 10.3K Ratings

🗓️ 28 July 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The US economy has shrunk for two consecutive quarters. That’s technically a recession. But economists aren’t so sure we’re actually in one. Madeleine Ngo and Jacob Goldstein explain. This episode was produced by Avishay Artsy and Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Efim Shapiro, and hosted by Noel King. Transcript at vox.com/todayexplained Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	It's today explained I'm Noelle King.
0:04.2	New GDP numbers indicate the U.S. economy contracted for a second straight quarter.
0:09.7	That is one way we define a recession.
0:12.6	But there are caveats upon caveats upon caveats here.
0:17.0	Today's report is going to be revised and updated more than once in the next few months
0:21.4	as it always is.
0:22.7	And the National Bureau of Economic Research ultimately makes the call on recessions in
0:27.6	the U.S.
0:28.6	months.
0:29.6	Also, GDP alone does not determine what's what recession-wise, which is why the term technically
0:35.9	is being thrown around a lot today.
0:38.5	But recessionary vibes like the ones we're seeing do have real effects on hiring investment
0:43.3	and markets.
0:46.1	Coming up, what to expect, what not to expect, are we guessing?
0:50.2	Yes, but so is everyone else.
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	...

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