From the WSJ:
On Thursday, we’ll get an important report card on the U.S. economy.
GDP, or gross domestic product, tells us how much the economy grew or shrank in the previous quarter.
In the first three months of the year, GDP decreased at an annual rate of 1.6%. That contraction startled economists and investors alike.
Now, there are fears that the economy contracted for a second quarter in a row.
“A common definition of recession is two negative quarters of GDP growth,” Treasury Secretary Janet Yellen noted in an appearance on NBC’s Meet the Press. “When we’ve seen that, there has usually been a recession.”
But Yellen notes that things are different now in the U.S. economy. “When you’re creating almost 400,000 jobs a month, that is not a recession,” she said.