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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."
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.
Recession Period. Start. End. Total Time Elapsed. The Great Depression–Late ’20s and Early ’30s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 Financial Crisis
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%
Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession.
When a recession hits — and they occur with regularity — there’s no way of knowing for sure if you will keep your job or if rampant inflation and interest rates will drive up the cost of ...
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
Democrats — and many economists — say the traditional recession definition doesn’t work this time. Jobs remain plentiful and people are still buying at a healthy clip. “We are not in a ...