Recession basics: How to know the economy is in a slump

If the recession debate seems a bit confusing to you, you’re not the only one.

Gross domestic product has declined in back-to-back quarters this year, which is a common signal to market watchers of a recession. But even top experts are debating whether that fact in the current economy amounts to the “R” word this time.

The National Bureau of Economic Research is responsible for making the official call on whether or not the U.S. economy is in a recession, and it hasn’t made that decision quite yet.

But does it even matter? How would a recession impact you?

Watch this video, as CNBC’s Emily Lorsch breaks it all down.