1 Growth U.S. Economy is growing at or above its potential growth rate
2 Recession U.S Economy is shrinking (negative quarter over quarter growth rate)
3 Stagnation U.S Economy is growing at lower than its potential rate
4 Inflation Consumer Price Index (CPI) inflation rate is higher than U.S. economy’s potential growth rate
5 Chaos A high impact, low probability event (“Black Swans”)