EXPLAINER: How do we know when a recession has begun?


              Hiring sign is displayed in Northbrook, Ill., Wednesday, Sept. 21, 2022.  The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits fell to a five-month low. Inflation, meantime, remains near its highest level in four decades, though gas costs and other prices have eased in recent weeks. (AP Photo/Nam Y. Huh)
            Seattle announced its new minimum wage will be $18.69 an hour for most workers, a $1.42 increase over the current wage. It will take effect Jan 1, 2023. (AP Photo/Elise Amendola, File)
            
              FILE - This Aug. 11, 2019 file photo shows Visa credit cards in New Orleans. Credit limits aren't always there when you need them. The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits fell to a five-month low. Inflation, meantime, remains near its highest level in four decades, though gas costs and other prices have eased in recent weeks.  (AP Photo/Jenny Kane, File)
            
              Fresh seafood is shown for sale at a grocery store, Wednesday, July 27, 2022, in Surfside, Fla. The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits fell to a five-month low. Inflation, meantime, remains near its highest level in four decades, though gas costs and other prices have eased in recent weeks. (AP Photo/Wilfredo Lee)
            
              Federal Reserve Chair Jerome Powell speaks at a news conference Wednesday, Sept. 21, 2022, at the Federal Reserve Board Building, in Washington. Intensifying its fight against chronically high inflation, the Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time, an aggressive pace that is heightening the risk of an eventual recession. (AP Photo/Jacquelyn Martin)
EXPLAINER: How do we know when a recession has begun?