Nearly 1.2 million jobs have been lost this year. The unemployment rate is at its highest level since 1994. Retail sales were dismal last month and for automakers, October was the worst month in more than a quarter-century.But guess what? The United States is still not officially in a recession.
That's because a recession is only defined by a group of academics called the National Bureau of Economic Research.
It's not the media's call. It's not the President's or Congress' call. Federal Reserve Bank of Atlanta president Dennis Lockhart said in a speech Friday that the data "indicate" we are in recession, but heck, even Fed chair Ben Bernanke doesn't get to make the call.
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