Officially, the National Bureau of Economic Research defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months."
The last time that happened was early in 2020, when the economy came to an abrupt halt.
Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.
We're in a 'vibecession'We're in a "vibecession," Joyce Chang, JPMorgan's chair of global research, said at the CNBC Financial Advisor Summit in May.
"Everything looks great but when you look beneath the surface, the disparity between the wealthy and nonwealthy is widening dramatically."
Persons:
Gene Goldman, Vishal Kapoor, Joyce Chang, JPMorgan's, that's, Chang, Goldman
Organizations:
Cetera Financial, National Bureau of Economic Research, CNBC, Summit
Locations:
El Segundo , California