As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
Contraction isn’t an official word in economics, at least not like “recession” is, but it does describe a shrinking of jobs or production. String enough contractions across different sectors together and you’ve got the R-word — recession. The official call is made by the National Bureau of Economic Research’s Business Cycle Dating Committee. It takes into account a “family” of indicators, including sales and industrial production, but the big one is jobs.
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