What Is a Recession?

It won't be a recession unless there is a contraction in jobs, the level of jobs are falling. Same goes for income, sales and output. So that's, broadly speaking, what a recession is. That's the target. The wesley mitchell had named his book, where he outlined this, the business cycle, the problem and its setting. And so that's the pool we're swimming in, ok? We're trying to figure out what's going on inside of that environment.