Recession: Difference between revisions
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A [http://recession.org recession] is a contraction phase of the business cycle, or "a period of reduced economic activity." | A [http://recession.org recession] is a contraction phase of the business cycle, or "a period of reduced economic activity."The U.S. based National Bureau of Economic Research (NBER) defines a recession more specifically as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales." A sustained recession may become a depression. | ||
Latest revision as of 10:45, 26 November 2008
A recession is a contraction phase of the business cycle, or "a period of reduced economic activity."The U.S. based National Bureau of Economic Research (NBER) defines a recession more specifically as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales." A sustained recession may become a depression.