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Are We in a Recession or a Vibecession?
When we think about the economy, there’s a tendency to rush headfirst into the swirl of numbers moving up or down each month, plot them on angular charts, and spin out a story of what it all means. Inflation, unemployment, pay raises, gas prices — together, these indicators are supposed to jell into a coherent narrative and tell us where we’re going. The problem with the current economy is that the numbers don’t make any sense. Less than a month ago, some commentators were claiming we were already in a recession, thanks to two consecutive quarters of negative GDP growth. Then the July jobs report hit, showing ... (full story)