So these happen every ten years or so. Uh, so if we do have a recession and it it seems implausible to me that we would have negative growth for two quarters, so.View on YouTube
Using current (revised) data from the Bureau of Economic Analysis, real U.S. GDP growth by quarter (percent change from preceding period, SAAR) is:
- Q1 2022: −1.0%
- Q2 2022: +0.6%
- Q3 2022: +2.9%
- Q4 2022: +2.8%
- Q1 2023: +2.9% (fred.stlouisfed.org)
So, in the period “following this April 1, 2022 discussion” and through early 2023, there is only one negative quarter (Q1 2022). All subsequent quarters in 2022 and early 2023 are positive, meaning there are no two consecutive quarters of negative real GDP growth in the realized (latest revised) data. (fred.stlouisfed.org)
The confusion in 2022 arose because earlier BEA releases showed Q1 2022 at −1.6% and Q2 2022 at −0.6%, leading many contemporaneous commentators to talk about a “technical recession” based on two initially reported negative quarters. (apps.bea.gov) Subsequent comprehensive revisions, reflected in the BEA/FRED series A191RL1Q225SBEA, changed Q2 2022 from mildly negative to +0.6%, eliminating the back‑to‑back negative prints. (fred.stlouisfed.org)
Separately, the National Bureau of Economic Research (NBER), which is the standard arbiter of “official” U.S. recessions, shows the most recent recession as February–April 2020; its expansions-and-contractions table and business-cycle-dating page list no new recession after April 2020, so there was no officially dated recession in 2022 or early 2023 either. (nber.org)
Given that (a) updated GDP data do not contain two consecutive negative quarters after his April 1, 2022 remark, and (b) no official recession was dated in that period, Jason’s prediction that such a two‑quarter negative‑GDP recession was implausible in the near term turned out to be correct in hindsight, even though early 2022 data vintages temporarily suggested otherwise.