US recession news 2022: US President Joe Biden on Tuesday said that he did not anticipate a recession, but if one did occur, it would be ‘very slight’. “I don’t think there will be a recession. If it is, it will be a very slight recession. That is, we will move down slightly,” he said in an interview with CNN.
Why it matters: Although there is no single definition for what constitutes a recession, researchers generally agree that it occurs when real Gross Domestic Product (GDP) declines for two consecutive quarters. Typically, it has an effect on the economic output, consumer demand and employment.