Are We in an R-Word?

Forget any technical definitions. In the real world, a recession is a sharp drop in demand that results in a corresponding sharp rise in unemployment and a rapidly declining stock market. Is that where we are?

Obviously not. What we are experiencing now is the inflation correction that everyone wanted. The existence of so many unfilled positions and the increased savings rate from the pandemic and the relief bill will mitigate the impacts of tighter money on workers. We are not reliving the late 1970s, let alone 2008.