President Joe Biden and the Federal Reserve Chair, Jerome Powell, have stated that the U.S. is not officially in a recession. However, it’s not up to them to declare an official recession; that declaration comes from the National Bureau of Economic Research (NBER), and they haven’t commented yet. The NBER defines a recession as a significant decline in economic activity that is spread across the economy and lasts more than a few months.” The most recent quarterly gross domestic product report, which monitors the health of the U.S. economy, showed a second consecutive contraction this year. Regardless of labels, “What really matters is paychecks aren’t reaching as far,” said Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers. However, if the NBER declares a recession, it could be months from now, and it will factor in other considerations as well, such as employment and personal income. An article published by CNBC examines the topic of inflation and what consumers can do to help relieve potential financial stressors of a recession.
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