the rule of thumb i've always seen is "consecutive quarters of negative economic growth" - in other words, negative change in GNP (have seen GDP used as well) after accounting for inflation.
since these indicators are always published after a time period has occurred and been tabulated, its possible we have crossed the threshold and are in a recession as we speak.
Q1 2022 is estimated at -1.5% right now, the final number will be released on 6/29. Meaning Q2 final data will be released sometime around the end of September, to make it an "official" recession (if Q2 ends up being negative).
since these indicators are always published after a time period has occurred and been tabulated, its possible we have crossed the threshold and are in a recession as we speak.
Q1 2022 is estimated at -1.5% right now, the final number will be released on 6/29. Meaning Q2 final data will be released sometime around the end of September, to make it an "official" recession (if Q2 ends up being negative).