User:PalauanLibertarian/sandbox1

Before starting this, I understand that the article states the 2 quarter definition, but I believe there should be a sentence in the lead describing the conventional and generally accepted of recession. As of March 23 20:00 UTC, the 2nd paragraph of the lead is

In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.

I propose this be changed to

In the United States, a recession is generally defined as "two consecutive quarters of negative real (inflation adjusted) GDP. " Other groups such as the NBER define it as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.

There is no official definition of a recession. There is a pseudo-official definition by the NBER and then there is the generally accepted technical definition used by economists and normal people alike since the 60's. I would also like to note that every time since 1948 when the US has had 2 consecutive quarters of negative growth, a recession has been called. So even though it is not an official NBER definition, it is commonly used in practice.

Here are my sources

Investopedia
 * "A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession"

money.usnews
 * "Though the U.S. has met one common definition of a recession – two consecutive quarters of negative GDP growth"

money.usnews
 * "As the NBER definition of a recession is somewhat vague, economists often consider at least two consecutive quarters of declining U.S. GDP as a simple indicator of a recession."

IMF
 * "Most commentators and analysts use, as a practical definition of recession, two consecutive quarters of decline in a country’s real (inflation adjusted) gross domestic product"

Oxford Reference
 * "A recession is often defined as real GDP falling for two successive quarters"

Oxford languages per Google
 * "a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters."

Politico
 * "I’m sorry to report that the conditions are ripe for a slide in gross domestic product growth that lasts at least two quarters, the technical definition of recession."

Collins Finance definition
 * "A recession is a decline in economic activity that lasts for two quarters or a year."

If any admin wants to remove my post as off-topic per the page notice, Yes, I know the article already says the 2 quarters definition, I am proposing it be added to the lead.