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government reported a second straight quarter of negative economic growth. so this complicated picture is why president biden is pushing back against talk of a recession. >> with both senator schumer and manchin. thats consistent with the transition to a stable steady growth and lower inflation, but if you look at our job market consumer spending, business investment, we see signs of economic progress in the second quarter as well. >> joining us now to take a closer look at this, cnbc ...

Quote cnbc which is my favorite definition of this. its squishier than simply those two negative quarters. why is that? >> well, because a recession is a very unique phenomenon, and, yes, squishier is actually an official recessionary term or economic term. heres the deal. the deal is that people want to use that benchmark, and i get it because its an easy benchmark to use of these two negative quarters. in general when we do two negative quarters we are in recession. the reason is because the n...