Payroll data: Yeah, we’re in a recession

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Can we stop saying now that financial troubles “might” tip us into a recession? As this morning’s employment numbers (and a lot of other data in recent days) make clear, we’re in a recession. I’m still betting that the arbiters of such things will eventually decide we’ve been in a weird, mild recessiony kind of thing since last fall. Now the weird and mild (and the y) appear to be disappearing. We’re in a recession. The question that remains is how bad it’s going to be.