the reason for the weirdness is that it doesn’t look like a recession in the labor market. Layoffs have been almost exclusively limited to tech, and within tech pre-profit or highly speculative (cryptoshovels) companies. This is important because in the US economic system labor power drives income drives inflation. (This isn’t true in all countries.)
When the employment outlook changes, and I expect it will, we will be in a traditional recession.
When the employment outlook changes, and I expect it will, we will be in a traditional recession.