recession

     

In macroeconomics, a recession is generally associate with a decline in a country's real gross domestic product (GDP), or negative real economic growth. According to one widespread definition, a recession occurs when real growth is negative for two or more successive quarters of a year. However, there are differing definitions: In the United States, the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee ultimately decides whether the economy has fallen into a recession. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales."

Trivia about recession

  • Since WWII, not one of these in the U.S. has developed into the next phase, a depression
  • Rhyming with but less severe than a depression, it's 2 consecutive quarters of negative economic growth
  • Cutting taxes is one way to try to keep this downturn from taking the next step into depression
  • Less depressing than a depression, this downturn comes after the peak of a classic business cycle
  • The Times said in 2007 that August's ugly job market turn could be signaling one of these, the first since 2001

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