Macro Unit 2: Economic Indicators and the Business Cycle - Business Cycles- Macro Topic 2.7

In this video I show you the business cycle and talk about how economists predict recessions. It turns out that they aren’t even that good at it. Remember, if someone tells you that they know for sure that there is going to be a recession in a few years, they are probably selling you something. Speaking of selling you something, you should check out my Ultimate Review Packet. It will totally help you rock your econ exams. https://www.acdcecon.com/review-packet Teachers! Are you interested in worksheets for you class. Take a look at my new Economics Case Studies worksheets: https://www.acdcecon.com/econ-cs-worksheets In this video I also cover the four phases of the business cycle, consumer confidence, unemployment, and the Sahm rule. By the way, that study I mention that says that IMF economists only predicted 4 out of 469 recessions focuses on spotting recessions longer that a year in advance. The article is right here: https://www.bloomberg.com/news/articles/2019-03-28/economists-are-actually-terrible-at-forecasting-recessions Please don’t take this the wrong way. Hard working economists are all over the world, trying to make our lives better off. It’s a tough job and I tip my hat to them. Thanks for watching my videos.