A resolution expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth.

SRES 724 is a non-binding Senate resolution stating that the Federal Government should continue using the historic definition of a recession - two consecutive quarters of negative gross domestic product (GDP) growth - for economic analysis and policy decisions. The resolution cites that this definition has been consistently applied by the National Bureau of Economic Research to identify U.S. recessions over the past decade, including in all 10 instances of two or more consecutive negative GDP quarters. It does not change any law or require government action, but formally expresses the Senate's view on economic terminology. This resolution directly addresses federal economic reporting standards, not specific groups or policies.