Are we in a recession? Dont trust lipstick and underwear sales as a gauge – National [Video]

The warning bells have been sounding for several months that a recession is imminent due mainly to U.S. President Donald Trump‘s trade war.

There are key indicators of when an economy like Canada’s has entered a recession including consistent declining growth, weakness in the labour market, as well as falling consumer and business confidence.

There are also overlooked symptoms that can help paint a picture of underlying economic weakness including consumers choosing cheaper options at the grocery store to rising demand for career upskilling.

Depending on who you ask, there are also some long-held theories dating back decades about what other economic indicators could be that a recession is imminent, from changes in skirt hemlines to lipstick and men’s underwear sales, and even rising cases of diaper rash.

But first: what actually is a recession?

Tariffs imposed on virtually all nations by the U.S. combined with counter-tariffs are creating pressure on governments and businesses to …