Shows Another Decline, Is it in a recession?
drop in the second quarter was the second consecutive declining quarter. This brought the economy into line with the common definition of recession.
The GDP fell at an annual rate 1.6% in the first quarter.
The National Bureau of Economic Research (NBER), a non-profit organization, determines when the U.S. is in recession.
Treasury Secretary Janet Yellen stated that the country is creating almost 400,000 jobs a month and doesn't fall under the definition of recession.
pointed towards record job growth and foreign investment as indicators of economic strength. He further stated that the economy is out of the woods.