iirc, 2 quarters of contraction in a row equals an official recession.
Yes, but I will predict they government will "redefine" that just as they attempt to redefine they unemployment numbers.
Right before the election, the media swooned with some bogus BLS statistics saying the unemployment number was 7.8%, and Obama was crowned emperor overnight by the media.
The real unemployment number is about 22%, and everyone knows it. The BLS was politicized under Clinton and further under Obama. It is useless.
The term "Recession" will be redefined under our new Owellian 1984 "Newspeak."