Georgia non-adjusted unemployment numbers increase as economy dips into possible recession
“There has never been a time when the Business Cycle Dating Committee did not declare a recession when real GDP declined for two consecutive quarters since the availability of quarterly GDP data,” Erik Randolph, director of research for the Georgia Center for Opportunity (GCO), said in a statement. “In fact, the opposite is true. There have been two times, since the availability of the data, without two consecutive real GDP declines when the Committee declared them to be recessions. This happened with their declared 1960 and 2001 recessions.
“Who knows if and when the NBER Committee will declare whether we’re already in a recession, and for how long,” Randolph added. “But if it doesn’t declare so despite the real GDP data, it would be unprecedented and require a good explanation. In the meantime, GDP gives perhaps the broadest measure of economic activity, giving a strong signal that we’re in a recession until such time economists work out their various methodologies to affirm or deny.”