The U.S. economy shrank again in the second quarter, ushering the country into a so-called technical recession. However, many analysts, officials, and even the White House are still hesitant to use the term itself. Jose Torres, the senior economist of Interactive Brokers, joined Cheddar News to explain who gets to decide if we’re in a recession, what factors play into the designation, and why he thinks we can still be in a recession even if there is ongoing job growth. "Although there are jobs, I think that the real GDP negative is showing us that the quality of those jobs and the quality of living standards are going down, and America and the world needs to tighten our belts," he said.