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Its stock markets have been among the world’s worst recently due to worries about a sluggish economic recovery and troubles in the property sector. The U.S. economy faces its own challenges.
Recent data shows easing inflation and a steady decline in jobless claims in recent weeks, but the labor market and the economy aren't out of the woods, BCA Research says.
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For example, the NBER didn't declare the recent pandemic-related recession in March 2020 an official recession until July 2021. The contrarian: Michael Burry of "The Big Short" fame in 2015.
If the unemployment rate hit 4.2% in July, an often accurate recession indicator would be flashing red. Jobs report could trigger closely watched recession indicator [Video] Skip to main content
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis.
A recession is broadly defined as two consecutive quarters of contraction. On a quarter-on-quarter basis, GDP slipped 0.1%, compared with a 0.3% rise expected in the Reuters poll.