If the U.S. economy is in recession, someone forgot to tell the jobs market.
Research from CNBC's Steve Liesman indicates that during a typical downturn, the employment picture would be far gloomier, losing ground instead of gaining. Several charts presented during Wednesday's"The CNBC team looked at economic data going back to 1947. It indicated that when gross domestic product has been negative for six months, as is the case for 2022, payrolls fall by an average of a half a percentage point. But this year, the job count actually has increased by 1%.
One data point the central bank's researchers looked at was real personal consumption expenditures. They found that consumption generally declined during recessions. By contrast, the measure increased during the first half of 2022. Even with the other evidence suggesting otherwise, many commentators have focused on the traditional definition of recession as being two straight quarters of negative GDP growth. The first quarter declined 1.6%, and the
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