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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".
Bank run on the Seamen's Savings Bank during the panic of 1857. There have been as many as 48 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, [1] the consensus view among economists and historians is that "the [cyclical] volatility of GNP and unemployment was greater before the Great ...
Although it has been argued that recessions can benefit health, [28] for example through reductions in road traffic accidents when car use reduces due to unemployment, there is a lot of evidence that the Great Recession did widespread damage to health. According to a study of 54 countries, there has been an increase in suicide deaths as a ...
NEW YORK (AP) — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Both Japan and the United Kingdom said Thursday their economies likely ...
[64] [65] [66] However, half of the poorest families in the United States did not have wealth declines at all during the crisis because they generally did not own financial investments whose value can fluctuate. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined ...
The NBER officially calls U.S. recessions, and data from Bank of America shows why this group won't be in a rush to declare the U.S. economy in recession.
Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016.
Typically, a recession is defined by a decline in economic activity that lasts more than a few months, the NBER says. But the U.S. economy is still chugging along, with second-quarter GDP growing ...