If you're confused about whether the US economy is in a recession, you're not alone. On one hand, gross domestic product, a key measure of economic output, shrank for the second straight quarter this week, raising fears that the country has entered -- or will soon enter -- recession territory. On the other hand, the job market remains very strong, telling us the economy is still robust. Some economists call two consecutive quarters of contraction a technical recession. And with good reason: 10 out of the last 10 times the US economy shrank for two consecutive quarters, the US economy was declared to be in a recession. But massive job losses occurred during seven out of the past seven recessions, and that's not happening now. John Smith shares some great insights on this.
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