Treasury Sec. Janet Yellen: ‘Substantial Job Losses and Mass Layoffs’ Is a Definition of a Recession

EXCERPT:

YELLEN: "This context, including the successes for the last year and the global challenges we face, is critical in understanding today’s GDP data. Most economists and most Americans have a similar definition of recession: substantial drop losses and mass layoffs, businesses shutting down, private sector activity slowing considerably, family budgets under immense strain — in sum, a broad-based weakening of our economy. That is not what we’re seeing right now when you look at the economy. Job creation is continuing. Household finances remain strong. Consumers are spending and businesses are growing.”