Recession Redefined?  Chance of Coming Recession Between 33% and 66% 

The Pennsylvania Independent Fiscal Office released its July monthly economic update. When looking entirely at employment numbers and disregarding inflation, interest rates and consumer confidence, the definition of a recession is changing. This update uses state labor market data to assess the economy and gauge the possibility of a recession. The latest data for hiring remains strong. The report predicts that, if net hiring continues, that would be an indicator that the state economy has likely not entered into recession. Click here to read more.