WASHINGTON: Whether the United States, the world's largest economy, will slip into a recession is a growing concern for chief executives, the Federal Reserve, and the administration of President Joe Biden. But defining what a recession is, and predicting when it will happen, is not straight-forward.recession is a growing concern for chief executives, the Federal Reserve, and the administration of President Joe Biden.
While each of three criteria - depth, diffusion, and duration —"needs to be met individually to some degree, extreme conditions revealed by one criterion may partially offset weaker indications from another," the group says.
Economists and analysts have recently flagged the possibility that the United States is headed into a"shallow recession," one in which the economy contracts only marginally, and for a limited time.
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