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."
But regardless of the country's economic standing, many Americans are struggling in the face of sky-high prices for everyday items, and most have exhausted their savings and are now leaning on credit cards to make ends meet.
We're in a 'vibecession'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," Joyce Chang, JPMorgan's chair of global research, said at the CNBC Financial Advisor Summit in May.
"If you're a homeowner or if you own financial assets, you've done very well, but you're leaving out huge segments of the population," Chang said.
Persons:
Harris, Joyce Chang, JPMorgan's, Chang, that's
Organizations:
Guardian, National Bureau of Economic Research, CNBC, Summit
Locations:
U.S