• Earthwormjim91@lemmy.world
    link
    fedilink
    English
    arrow-up
    1
    ·
    1 year ago

    It was never defined as that. That’s been a colloquial marker for one but never a real definition.

    And Yellen doesn’t have anything to do with defining a recession either. The NBER (national bureau of economic research) is the authority that declares recessions, and they only ever do it retroactively

    The Covid 19 recession was declared despite only lasting 2 months.