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There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
What Does a Recession Mean for Your Employment? During a recession, unemployment rises. That means that some parts of the workforce will be affected by the next recession.
During a recession, there is a significant decline in economic activity across the board.This could last anywhere from a few months to several years. In practical terms, a recession is a period ...
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
What Does a Recession Mean for Your Employment? During a recession, unemployment rises. That means that some parts of the workforce will be affected by the next recession. There’s no easy way to ...
What Is a Recession, and How Does It Affect Prices? ... According to the traditionally accepted definition of a recession — two quarters of a downturn in gross domestic product — we entered a ...
The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes. [62] The recession also followed a period of monetary tightening. [40] Recession of 1953: July 1953 – May 1954 10 months 3 years 9 months 6.1% (September 1954) −2.6%