If we get another quarter of negative growth we are in RECESSION.
That won't happen. They just got finished readjusting the numbers to make sure that doesn't happen. Q1 numbers were revised from -1.7% to -2.9% to cram all the loss into one quarter. Now all they need to do is show any growth at all in Q2 to claim there is no recession. Here's how it works:
Actual numbers:
Q1 | -1.7%
Q2 | -1.1%
Total | -2.8%
Two consecutive quarters of decline = Recession
Modified Numbers:
Q1 | -2.9%
Q2 | +0.1%
Total | -2.8%
One quarter of decline and one quarter of growth = NO Recession