We in the media have been tiptoeing around the “R-word” for a while, using weasel words such as “downturn” or “slowdown” or “what feels like recession.” Technically, a recession is two quarters of negative GDP growth.
We’re not there, yet. But, today, the first shoe dropped with the release of national GDP showing the economy shrank in third quarter by -.3 percent. I’m betting that other shoe will hit the floor with a deafening bang in the fourth quarter. And then we can call it a recession.