Bill Gross now thinks recessions happen when nominal GDP falls below 3% -- meaning we're already there

Janus Capital’s Bill Gross thinks our “new age financial economy” has changed the rules for recession. 

In a tweet Friday morning, Gross said that when nominal GDP — that is, GDP not adjusted for inflation impacts — falls below 3% we’re in recession. 

In the fourth quarter nominal GDP growth hit 2.9%. 

So, I guess we’re already in recession. 

Gross: Recessions in new age financial economy defined by nominal GDP, not real GDP. In US, 3.0% or lower. Now 2.9%.
— Janus Capital (@JanusCapital) February 12, 2016

Here’s the chart, with the top black line serving as Gross’ new low-water mark. 

FRED

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