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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."
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 ...
The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling 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"). [3]
"A 'technical recession' is defined as two consecutive quarters of negative GDP growth," the firm's economists led by Michael Gapan said in a new report out Friday morning. "Although the economy ...
The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression There is no true economic marker that differentiates a recession from a depression.
For one, he and others note that the economy actually experienced that technical recession prior to the inversion. For another, he cites the unusual behavior by the Federal Reserve during the ...
The Great Recession–aka The 2008 Financial Crisis. December 2007. June 2009. 1 year, 6 months. The Early ’80s Recession. July 1981. November 1982. 1 year, 4 months. The Mid-’70s Recession ...
A recession is briefly defined as a period of declining economic activity spread across the economy (according to NBER). Under the first definition, each depression will always coincide with a recession, since the difference between a depression and a recession is the severity of the fall in economic activity.