Perhaps we can discard the classic "two quarters of negative GDP growth". But if we do, then from whose perspective does a 3% drop in real wages in six months [1] (and a 4.4% YoY drop in real weekly earnings [2]) not count as a recession?
First, is there any precedent for that restriction?
And second, why not? If everyone still has a job but their wages have decreased, that's still an economic contraction, at least from the worker's perspective.
Based on what?
Perhaps we can discard the classic "two quarters of negative GDP growth". But if we do, then from whose perspective does a 3% drop in real wages in six months [1] (and a 4.4% YoY drop in real weekly earnings [2]) not count as a recession?
1: https://www.statista.com/statistics/216259/monthly-real-aver...
2: https://www.bls.gov/news.release/realer.htm