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05-07-2022, 07:47 AM
https://edition.cnn.com/2022/06/30/econo...index.html
Who decides if the US is in a recession? Eight White economists you've never heard of
Prominent Wall Street economists like Mark Zandi, investing luminaries like ARK Invest's Cathie Wood and executives like JP Morgan Chase CEO Jamie Dimon can make recession predictions until they're blue in the face, but their guidance will remain just that — an economic forecast.
That's because, in the United States, the economy isn't broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so.
The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization. They have no predetermined meeting dates and their deliberations are private. There are no fixed term dates and the final determination of who gets to serve on the committee is made by one man: NBER president and Massachusetts Institute of Technology economist James Poterba.
Who decides if the US is in a recession? Eight White economists you've never heard of
Prominent Wall Street economists like Mark Zandi, investing luminaries like ARK Invest's Cathie Wood and executives like JP Morgan Chase CEO Jamie Dimon can make recession predictions until they're blue in the face, but their guidance will remain just that — an economic forecast.
That's because, in the United States, the economy isn't broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so.
The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization. They have no predetermined meeting dates and their deliberations are private. There are no fixed term dates and the final determination of who gets to serve on the committee is made by one man: NBER president and Massachusetts Institute of Technology economist James Poterba.
