The state of the Economy
11/1/2022, 1:47:01 PM
Are we in an economic boom, or in recession or something else, and where are we heading?
According to the published definitions for these economic conditions; a recession is a significant, widespread, and prolonged downturn in economic activity, typically associated with declines in economic activities, consumer demand, and employment. Inflation usually drops during recessions.
Economic boom, on the other hand is defined more as a widespread, and prolong upturn in economic activity, typically associated with increases in economic activities, consumer demand, and employment. Inflation usually rises during economic booms.