Not Your Grandfather’s Recession: This One Is Time-Based

During the third quarter of 2019, Europe’s Real GDP expanded by a thoroughly unimpressive +0.235% (Q/Q). This was a slight acceleration from a revised +0.185% the quarter before. The real question, though, is whether the business cycle approach means anything in this day and age. I don’t think it does, and that’s a big part of why there’s so much confusion about both cause and effect.