2024-02-15 08:01:53
In the US, a committee of eight respected private economists sits and decides if there has been “a significant decline in economic activity that is spread across the economy and that lasts more than a few months”. This determination often occurs over a year following the event, and is based on monthly rather than quarterly data, and not just the size of the economy. It is more thorough, more grounded in economic theory, but less timely.
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