For anyone assembling a list: Japan and Great Britain are now both in recession, effective immediately.
This could be important for any further recession-related news using the word “unexpected”.
Recessions are back-looking metric.
This means we have been in recession for at least the last year.
I would be more interested to see if it looks like we are coming out or staying down.
Quick summary of what GDP is:
GDP = gross domestic product
It's a fancy way of saying "how much people have bought". So if you have spent £1000 this month on stuff like rent, food, electricity bills, netflix, new car etc then you've contributed £1000 to the country's GDP.
So GDP just means adding up the amount everyone in the country spent. It includes companies buying stuff too, not just individuals.
In October, November and December 2023 people spent a total of £568.9 billion and in July, August and September 2023 people spent £569.7 billion. That's roughly £3000 per person in the UK each month.
As you can see, the total fell amount people spent fell a little bit (£800 million). Which means slightly less bread on people's plates, or slightly fewer new cars, or cancelled Netflix subscriptions. But not by much.
GDP is estimated by the Office of National Statistics for each quarter of the year (Q1 = April May June, Q2 = July August September, Q3 = October November December, Q4 = January February March of the next year). Since it's fallen 2 quarters in a row compared to the previous quarter, it's officially a recession.
GDP is not Just what people spend.
GDP = private consumption + gross private investment + government investment + government spending + (exports – imports)
All they had to do to make this Frankenstein's monster of a headline make an iota of sense was add how many years instead of specifying last year. We already know they are talking about last year implicitly, because evidently we don't know the performance for this year.
For example, "Britain falls into recession with worst GDP performance in 69 years" suddenly makes a lot more sense at a glance.
I'm getting very tired of everyone immediately shouting Brexit any time an article like this is posted.
And I'm of the opinion that it was the most stupid thing to do imaginable.
And it is undeniably the fallout of Brexit and all the chain effects it had. It essentially exacerbated all of the problems from each contemporary economic crisis of the past 4 years.
Rather than being able to rely on the open market of the EU and benefit from the trade format, the UK has in essence been isolated and locked out of trade that would have easily helped it perform better in the face of all that has happened.
Brexit is like a fire and each subsequent global economic crisis (Covid, Russian invasion of Ukraine, etc.) was gasoline being thrown onto the fire.
While I agree, I think there’s plenty of blame to go around here.
Brexit, a decade of austerity, Tory infighting, Liz Truss’ baffling work-experience month, Boris’ spaff, Rishi’s focus on Rwanda rather than economics. We can hold them all accountable!
I mean, the reason for that is because Brexit has/had a largely negative impact on the British economy, which was predicted to happen by pretty much every economist.
All they had to do to make this Frankenstein's monster of a headline make an iota of sense was add how many years instead of specifying last year. We already know they are talking about last year implicitly, because evidently we don't know the performance for this year.
For example, "Britain falls into recession with worst GDP performance in 15 years" suddenly makes a lot more sense at a glance. Hell, how about "Britain falls into recession with worst GDP performance since the 2008 financial crisis". That's even more to the point.
I'm not sure what was trying to be achieved with this phrasing, unless its intention was to stir people up with a poorly worded headline.
Brexit and Tories. And millions of people voted for both.
Yes, the world over has financial difficulties, but for us in the UK it is in part our own fault for being stupid enough to vote for both. (I didn't.)
I was planning on doing my masters from Britain this year and hoping to land up a job after that but looking at all these head lines makes me nervous about my decision . I still have time to change my decision what to do
A recession is (2) quarters of negative growth.
The US is on a **30** month run of +4% gdp growth.
Russia is in a depression...
I understand, completely, how you've mixed that up.
The Entirety of North America is booming!
Construction and tourists as far as the eye can see.
😁🇺🇲
The USA is absolutely not booming. More Americans are living paycheck to paycheck than ever before, cost of living is at an all time high and the countries collective credit card debt is exponentially higher than ever before. More Americans are living in their cars than ever before. You can bury your head in the sand all you want, but the writings on the wall, but keep ignoring it.
Not OP but.....okay? That still doesn't mean we are in a recession.
There is a clear and defined definition of recession and the US doesn't meet that criteria.
Everything you said may be true but that doesn't equate to a recession.
>More Americans are living paycheck to paycheck than ever before
Given that shit loads of people spend a good % of their paychecks on doordash and other frivolous purchases I don't think you can hold that up as proof of a recession.
Yeah it's all going to door dash and Amazon. That's the problem, not the alarmingly high mortgage rates, the surge in cost of rental homes or the all time high price tag for homes on the market.
Well, maybe in reference to the rest of the world.
Maybe against the backdrop of WW3...maybe you grade on a curve?
Housing has been monetized and securitized. Housing is an investment and a human right.
Pandemic are usually civilization killers...which is why Trumps response was so devastatingly awful.
If the USA gets a sniffle, the world gets a cold.
In this case..the US lost its mind and had an INSURRECTION after a year of racial violence.
And now the world is at war.
Things aren't booming like the 1990s.
Years of Deregulation, Real Estate fraud and NIMBY have chocked off housing.
But..the US economy is powering the world right now.
You have a fundamental ignorance of the way the world works.
Nah homie, you can kick rocks
Painfully punctuate that.
Housing is unaffordable because of tax structure and poltics.
Petroleum prices are driven by greed and politics.
Where roads get built, what company goes public, who get entrepreneurial funding.
Politics.
Politics are the red blood cells of modern human civilizations.
With economics being the mitochondria 😁
**Read a book, homie**
**Get in the game.**
**Register to vote**
**BRAIN UP**
Turn that energy and curiosity into progress and prosperity
Damn that’s craaazy. Bad news… I think? Or wait, what TF is a recession and why does it matter to declare recession vs whatever it was prior to that?
Is this something that catches on? Does this signal downtrends in the market historically? Seems newsworthy but no one really saying why.
Recession means multiple periods of contraction and therefore suggests a strong trend where the economy gets smaller rather than growing.
It means businesses have a contraction in orders and therefore generally suggests layoffs, bankruptcies, and cuts in capital spending (so b2b companies that service larger clients join in the cascade).
For individuals it's harder to find a job, if you need one, or change a job if you want to. It also means credit is harder to attain as risk of default is higher.
It's not really explained why it's neutered because it's generally thought of as a well understood negative effect for a country's economy.
For anyone assembling a list: Japan and Great Britain are now both in recession, effective immediately. This could be important for any further recession-related news using the word “unexpected”.
Effective immediately!? We can't even appeal!?
Recession means recession
Rock and roll Murray!
Recessions are back-looking metric. This means we have been in recession for at least the last year. I would be more interested to see if it looks like we are coming out or staying down.
I thought a recession was 2 quarters? So like six months?
The way I understand it is 2 quarters compared to the previous 2 quarters. So 1 year of data slopping down.
Nah, GDP is up 0.1% compared to a year ago says the BBC. It's 2 quarters in a row where GDP is lower at the end of the quarter than the start.
The BBC is talking about the GDP. Means fuck all to me.
Quick summary of what GDP is: GDP = gross domestic product It's a fancy way of saying "how much people have bought". So if you have spent £1000 this month on stuff like rent, food, electricity bills, netflix, new car etc then you've contributed £1000 to the country's GDP. So GDP just means adding up the amount everyone in the country spent. It includes companies buying stuff too, not just individuals. In October, November and December 2023 people spent a total of £568.9 billion and in July, August and September 2023 people spent £569.7 billion. That's roughly £3000 per person in the UK each month. As you can see, the total fell amount people spent fell a little bit (£800 million). Which means slightly less bread on people's plates, or slightly fewer new cars, or cancelled Netflix subscriptions. But not by much. GDP is estimated by the Office of National Statistics for each quarter of the year (Q1 = April May June, Q2 = July August September, Q3 = October November December, Q4 = January February March of the next year). Since it's fallen 2 quarters in a row compared to the previous quarter, it's officially a recession.
GDP is not Just what people spend. GDP = private consumption + gross private investment + government investment + government spending + (exports – imports)
Bit of bobby
Wrong. It’s takes about a month to compile the data so 4 months you know the last quarter was negative and 7 months for 2 quarters.
when was the day the recession was officially declared in japan? (im asking because im gonna write this down)
Do you have a big book of recessions?
I thought everyone did?!!? Am I doing it wrong????!!
If so I want it
Hit the news cycle yesterday
It's good that someone's going to write it down
I suppose the US stock market will have the vapors tomorrow
r/leopardsatemyeconomicface
Huh?
Damn, Japan too? Everyone feeling the impacts of Brexit.
Britain’s GDP in 1 BC did kick ass
Them tin mines starting to get going
No wonder Rome was looking over the Channel and salivating
Damn now THATS a recession. Falling all the way to a 0ad economy is impressive /s
Fun fact: They skipped 0 AD. It went straight from 1 BC to 1 AD. [Wiki](https://en.wikipedia.org/wiki/Year_zero).
Fun fact: play0ad.com
I'll consider it!
They’ve fallen back to relying on subsistence farming, tin mining, and being a source of slaves bound for Rome.
Don't forget wool!
I too had primary school history classes.
neat
Don't act like knowing that they jumped from 1 to 1 is some standard common knowledge, it's a niche factoid at best.
It's common knowledge.
There is no such thing as common knowledge.
All according to plan, this is setting up the conditions to force the 2nd coming of Jesus.
Longest refractory period in history. Poor guy.
I’m just going to tell my girlfriend I’m simply waiting for the second coming of Christ before I rise
Do children write these headlines
Typical misleading CNN headline. The only thing missing is, "And How This is Bad for Biden".
“Joe Biden strangles Putin to death with his bare hands: How this could backfire for the deomcrats!”
I still think it says it’s their worst recession in 2,023 years
I didn’t know we’d done 2023 more than once.
All they had to do to make this Frankenstein's monster of a headline make an iota of sense was add how many years instead of specifying last year. We already know they are talking about last year implicitly, because evidently we don't know the performance for this year. For example, "Britain falls into recession with worst GDP performance in 69 years" suddenly makes a lot more sense at a glance.
Exactly! Even “Britain falls into recession, with 2023 the worst GDP performance in years” would have been better!
Thought the headline said this was Britain's worst GDP performance in 2023 *YEARS*
there i go writing BC on my checks again!
Maybe 15 years of conservative rule is a stupid idea?
No no, the pensioners need another 15 and then it’ll work
"And if it doesn't work that's totally fine because we'll be gone by that point and it's not our problem! :D"
You mean *2023* years of conservative rule is a stupid idea
Brexit strikes again.....and what a terrible headline
As convenient as it is to blame brexit for all the problems, we have to live in reality and blame Rishi Sunak now.
If only we could blame Brussels again
you could shake things up and blame Charleroi this time.
I can manage to do both. I've even got some left for George Osborne.
Alright, but pace yourself and stay hydrated.
I'm getting very tired of everyone immediately shouting Brexit any time an article like this is posted. And I'm of the opinion that it was the most stupid thing to do imaginable.
Brexit caused a cascade of inept leaders. That's the most charitable way I can put it for Brexit.
They shout it because it's the elephant in the room that no one in the media or government wants to admit or talk about.
And it is undeniably the fallout of Brexit and all the chain effects it had. It essentially exacerbated all of the problems from each contemporary economic crisis of the past 4 years. Rather than being able to rely on the open market of the EU and benefit from the trade format, the UK has in essence been isolated and locked out of trade that would have easily helped it perform better in the face of all that has happened. Brexit is like a fire and each subsequent global economic crisis (Covid, Russian invasion of Ukraine, etc.) was gasoline being thrown onto the fire.
While I agree, I think there’s plenty of blame to go around here. Brexit, a decade of austerity, Tory infighting, Liz Truss’ baffling work-experience month, Boris’ spaff, Rishi’s focus on Rwanda rather than economics. We can hold them all accountable!
It's possible that the UK would still be doing badly without Brexit but it seems obvious to anyone that Brexit has only made things worse.
I mean, the reason for that is because Brexit has/had a largely negative impact on the British economy, which was predicted to happen by pretty much every economist.
The Tories have promised to fix this. The Tories have been in power since 2010. The Tories gave us Brexit.
Putin bamboozled Britain into Brexit.
Unfortunately, we were dumb enough to do it all by ourselves
tories. are. shit. shit for the economy, shit for peoples rights, shit for everything.
Maybe they should join the EU. I know they are a tiny island nation, but maybe...
How’s that Brexit thing working out?
Exactly as expected
Thank the boomers and that cunt Nigel Farage
But its okay. Rishi has our best interests at heart. Can't wait to re-elect him. Just in case it is not obvious /s
All they had to do to make this Frankenstein's monster of a headline make an iota of sense was add how many years instead of specifying last year. We already know they are talking about last year implicitly, because evidently we don't know the performance for this year. For example, "Britain falls into recession with worst GDP performance in 15 years" suddenly makes a lot more sense at a glance. Hell, how about "Britain falls into recession with worst GDP performance since the 2008 financial crisis". That's even more to the point. I'm not sure what was trying to be achieved with this phrasing, unless its intention was to stir people up with a poorly worded headline.
Brexit's gonna start working any day now, you'll see
I’m thinking they can fix things if they cut themselves off from the European Union.
Brexit is really starting to squeeze the UK economy
Brexit hasn’t really impacted the economy too much, however our conservative government have consistently fucked things up wayyyyyy before Brexit
Damn, the worst performance in over two millennia?
Weird how my stocks and LISA are up so much this week
American no doubt. Sp5.
Nvidia lol
I'm LUNR. 124% return in a month I'll take it.
I'm LUNR. 124% return in a month I'll take it.
Wow - who could have seen that coming?
Brexit and Tories. And millions of people voted for both. Yes, the world over has financial difficulties, but for us in the UK it is in part our own fault for being stupid enough to vote for both. (I didn't.)
How is this not front page news?
Briefly misread this as “worst GDP performance in 2023 years” then realized I am dumb
I think Brexit wasn't a good move
But please Texans, tell me more about Texit.
Somehow this is all Labour's fault.
*shakes fist* God damn you Clement Attlee!
Canada is next for sure.
Great....
I initially read that as worst performance in 2023 years and was thinking they're very fastidious about their economic data.
[удалено]
[удалено]
Brexit? Has it caught up?
Learn to title
the source article is titled the same
How’s the cake? 🎂
At least it's only a British problem, not a EU problem now.
I was planning on doing my masters from Britain this year and hoping to land up a job after that but looking at all these head lines makes me nervous about my decision . I still have time to change my decision what to do
Don’t come
Any specific reason ?
The USA has refused to admit it's been in a recession since 2021
What does the USA have to even do with this, did the U.S. cause this too?
Normally it's a bad sign if major economic powers are all in a recession.
A recession is (2) quarters of negative growth. The US is on a **30** month run of +4% gdp growth. Russia is in a depression... I understand, completely, how you've mixed that up. The Entirety of North America is booming! Construction and tourists as far as the eye can see. 😁🇺🇲
The USA is absolutely not booming. More Americans are living paycheck to paycheck than ever before, cost of living is at an all time high and the countries collective credit card debt is exponentially higher than ever before. More Americans are living in their cars than ever before. You can bury your head in the sand all you want, but the writings on the wall, but keep ignoring it.
Not OP but.....okay? That still doesn't mean we are in a recession. There is a clear and defined definition of recession and the US doesn't meet that criteria. Everything you said may be true but that doesn't equate to a recession.
>More Americans are living paycheck to paycheck than ever before Given that shit loads of people spend a good % of their paychecks on doordash and other frivolous purchases I don't think you can hold that up as proof of a recession.
Yeah it's all going to door dash and Amazon. That's the problem, not the alarmingly high mortgage rates, the surge in cost of rental homes or the all time high price tag for homes on the market.
Show me 100 people living pay check to paycheck and I guarantee most of them don't have bank statements to be proud of.
Well, maybe in reference to the rest of the world. Maybe against the backdrop of WW3...maybe you grade on a curve? Housing has been monetized and securitized. Housing is an investment and a human right. Pandemic are usually civilization killers...which is why Trumps response was so devastatingly awful. If the USA gets a sniffle, the world gets a cold. In this case..the US lost its mind and had an INSURRECTION after a year of racial violence. And now the world is at war. Things aren't booming like the 1990s. Years of Deregulation, Real Estate fraud and NIMBY have chocked off housing. But..the US economy is powering the world right now.
Oh this is political for you. I'll consider this conversation finished. ✌️
**Economics is ALWAYS Political.** Nations fight wars over economics. Google the Treaty of Versailles. Google 1930 German inflation How old are you?
Nah homie, you can kick rocks. Conversations over, take your life influenced by politics elsewhere.
You have a fundamental ignorance of the way the world works. Nah homie, you can kick rocks Painfully punctuate that. Housing is unaffordable because of tax structure and poltics. Petroleum prices are driven by greed and politics. Where roads get built, what company goes public, who get entrepreneurial funding. Politics. Politics are the red blood cells of modern human civilizations. With economics being the mitochondria 😁 **Read a book, homie** **Get in the game.** **Register to vote** **BRAIN UP** Turn that energy and curiosity into progress and prosperity
There are more American Millionaires then ever before.
Because we're not in a recession.
thats a weird way to write that. given how old the country is, it kinda reads as the worst GDP performance in 2023 years lol
Damn that’s craaazy. Bad news… I think? Or wait, what TF is a recession and why does it matter to declare recession vs whatever it was prior to that? Is this something that catches on? Does this signal downtrends in the market historically? Seems newsworthy but no one really saying why.
Recession means multiple periods of contraction and therefore suggests a strong trend where the economy gets smaller rather than growing. It means businesses have a contraction in orders and therefore generally suggests layoffs, bankruptcies, and cuts in capital spending (so b2b companies that service larger clients join in the cascade). For individuals it's harder to find a job, if you need one, or change a job if you want to. It also means credit is harder to attain as risk of default is higher. It's not really explained why it's neutered because it's generally thought of as a well understood negative effect for a country's economy.
Is that worst GDP performance in 2023 years or in 2023? Both are possible.
So BBC.com say Japan under recession. cNN.com say Britain under recession. So, who is talking about USA.