What is a slumpometer?

The global slumpometer is a yardstick economists use to measure the severity of the recession in various economies across the world. It takes into account unemployment, Gross Domestic Product (GDP) and Gross Domestic Income (GDI). To the average person, rising unemployment and pink slips mean a recession. While for many economists, a recession has arrived when there’s a dip in GDP for two successive quarters, for others, a recession is when the GDI begins to dip, and is a more reliable factor than GDP.