Because if it’s truly a recession, all the indicators should be moving in the same direction. Right now, it’s only GDP, said Eric Swanson, professor of economics at UC Irvine. Consumer spending is still going up, albeit moderately, and industrial production is also showing slow growth. Significantly, job growth is still robust. “In a recession, more people would be losing jobs. But if you look at the unemployment rate, it is very low,” Swanson said. “The GDP is a volatile measure, and one has to look at some alternative indicators as well.”

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