EJ Antoni and Peter St. Onge argue we have been deceived by incorrect deflators. Rebuttal, showing the irreproducibility of their results, and non-deflator sensitive indicators, downloadable here, with new data. Figure 9 from Chinn (2024): Nonfarm payroll (NFP) employment (blue), preliminary benchmark NFP (tan), early benchmark (red), aggregate hours in private sector (light blue), private … Continue reading Revised Paper: No, We Haven’t Been in a Recession since 2022