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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.
[4] [5] Whereas a recession is defined as two consecutive quarters of decline in GDP, [6] economic recovery and prosperity are two successive phases of expansion. Economic expansion can be affected by external factors such as technological changes or weather conditions, [7] or by internal factors such as a country's fiscal policy, [8] monetary ...
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."
An expansion is the period from a trough to a peak and a recession as the period from a peak to a trough. The NBER identifies 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". [26]
This expansion coincided with the Korean War, after which the Federal Reserve initiated more restrictive monetary policy. The slowdown in economic activity led to the recession of 1953, bringing an end to nearly four years of expansion. May 1954– Aug 1957 39 +2.5% +4.0%: Expansion resumed following a return to growth in May 1954.
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 National Bureau of Economic Research says a recession involves a "significant decline in economic activity that is spread across the economy and lasts more than a few months."
The U.S. economy grew faster than previously reported in Q2 2024 as consumers spent more than expected on goods and services in the three months ended June 30.