> "a significant decline in economic activity spread across the economy, lasting more than a few months,
> real GDP
> real income
real income is down ~1% since Sept 2020 or Sept 2021 [1]. hardly seems like a "significant decline".
> employment
employment has increased since Sept 2020 or Sept 2021 [2] and infact has been steadily increasing since April 2020.
> industrial production
industrial production has increased since Sept 2020 or Sept 2021 [3] and infact has been steadily increasing since April 2020.
> wholesale-retail sales
retail sales has increased since Sept 2020 or Sept 2021 [4] and infact has been steadily increasing since April 2020.
so 1 of 5 indicators shows significant decline, 1 shows minor decline, 3 show increase.
[1] https://fred.stlouisfed.org/series/RPI
[2] https://fred.stlouisfed.org/series/PAYEMS
[3] https://fred.stlouisfed.org/series/INDPRO
[4] https://fred.stlouisfed.org/series/RSXFS
