Changes

A '''recession''' implies at least two quarters of negative economic activity. <ref>[http://money.cnn.com/2008/03/06/pf/minds_over_money.moneymag/index.htm?postversion=2008031312 Money magazine]</ref> It is a increase in an economy's [[unemployment]]; output and profits fall; personal income falls.   

A '''recession''' implies at least two quarters of negative economic activity.<ref>[http://money.cnn.com/2008/03/06/pf/minds_over_money.moneymag/index.htm?postversion=2008031312 Money magazine]</ref> It is an increase in an economy's [[unemployment]]; output and profits fall; personal income falls.   

Broader definitions of an economic recession are often used. Investopedia defines an economic recession: "A significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP); although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession."<ref>[http://www.investopedia.com/terms/r/recession.asp Recession]</ref>

Broader definitions of an economic recession are often used. Investopedia defines an economic recession: "A significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP); although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession."<ref>[http://www.investopedia.com/terms/r/recession.asp Recession]</ref>

[[File:Employed.jpg|thumb|400px|job growth 1960-2009, with recessions in gray]]

[[File:Employed.jpg|thumb|400px|job growth 1960-2009, with recessions in gray]]

Recessions are defined using a number of advanced indicators by the [[National Bureau of Economic Research]], a private think tank that includes both conservative and liberal economists.<ref> See [http://www.nber.org/cycles.html US Business Cycle Expansions and Contractions]</ref>

Recessions are defined using a number of advanced indicators by the [[National Bureau of Economic Research]], a private think tank that includes both conservative and liberal economists.<ref>See [http://www.nber.org/cycles.html US Business Cycle Expansions and Contractions]</ref>

As a rough rule of thumb,  a recession is underway when there is a decline in [[gross domestic product]] (GDP) for two consecutive quarters.   

As a rough rule of thumb,  a recession is underway when there is a decline in [[gross domestic product]] (GDP) for two consecutive quarters.   

* [[Panic of 1907]]

* [[Panic of 1907]]

==External link==

==External links==

* [http://www.nber.org/cycles.html US Business Cycle Expansions and Contractions], official NBER dates

* [http://www.nber.org/cycles.html US Business Cycle Expansions and Contractions], official NBER dates

====references====

==References==

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[[Category:Economics]]

[[Category:Economics]]

[[Category:Economic History]]

[[Category:Economic History]]