In the United States, the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) is generally seen as the authority for dating US recessions. The NBER defines an economic recession as: "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."[5] Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise dating of a recession's onset and end.
That's the definition of a recession.
You gave a range of possible public sector professions you might be employed in, from garbage truck driver to Treasurer. I'm going with the former.
You gave a range of possible public sector professions you might be employed in, from garbage truck driver to Treasurer. I'm going with the former.
Thankyou for proving my point.
Quote:
a significant decline in economic activity spread across the economy
Exports account for 55% of WAs GDP. Those exports totalled $30 billion in the 1st quarter. That is not mining exports, that is total exports of all sectors across the entire economy.
When you do not include exports in final demand figures, you leave out more then 50% of the economy.
to view detailed information on this just visit the Depart of Treasury and the Department of State Development for WA.
you need 2 quarters in a row of negative GDP to be in recession. we haven't had it, you are simply a mindless MSM drone.
And what is GDP? Only a drone would believe GDP figures that are based equity withdrawals from homes to buy new cars, and then the value of the new cars added to GDP on top of that. Every time shares change hands its counted into GDP, it's all total BS which will be shown to be BS when the mindless drones can no longer borrow created money to inflate home prices and buy new cars. tick tick tick tick tick
Exports account for 55% of WAs GDP. Those exports totalled $30 billion in the 1st quarter. That is not mining exports, that is total exports of all sectors across the entire economy.
When you do not include exports in final demand figures, you leave out more then 50% of the economy.
Quote:
a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sale
Cherry pick all you like, if real income and employment are falling, it's recessionary. WA doesn't have any industrial production, so no point using that as a measure. Mining exports are not distributed to the WA economy except in the form of employment. Operating profits go to the owners, who for the most part, are not in WA.
Just because the exports come from WA, doesn't mean they form part of the WA economy. Welcome to globalisation.
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