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Recessions are complicated to identify, given that the economy is big and has many parts. Currently, some parts of the US economy, like the labor market, are growing quickly, while others, such as housing, are slowing down. While two consecutive quarters of economic contraction typically do coincide with a recession, they also don't typically involve the hot job growth the economy has seen this year. Recessions rarely happen when unemployment, currently at 4.4%, is indicating that virtually anyone who wants a job has one. 800-254-5779 [email protected]