What constitutes a recession? And who decides when it starts?
The National Bureau of Economic Research, A nonprofit nonpartisan organization, determines when the U.S. is actually in a recession. It's a group made up of eight economists. And many factors go into that calculation. I chatted with Bharat Ramamurti, the Deputy Director of the President's Council of Economic Advisers. He didn't use the word recession. He said the state of our economy is in a transition period moving at a steady albeit, slower pace.
