Recession: A period of general economic decline; specifically, a decline in GDP for two or more consecutive quarters.
Have we seen a decline in the GDP for two consecutive quarters? No.
Can anyone predict a decline in the GDP for two consecutive quarters? Not without a crystal ball.
When do we know we are in a recession? See above.
There is no "verge of a recession." You either are or are not in a recession. Historically, no one knows they are in a recession until after the fact.
Before anyone starts yelling at me, sure, the economy is not so great right now, but that is mostly due to rising food and fuel costs. Oh, and the minimum wage hike. We could possibly be experiencing a recession right now, but no one will know that until December.
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