Changes

A '''recession''' implies at least two quarters of negative economic activity.<ref>[https://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.   

A '''recession''' implies at least two quarters of negative [[economic growth]].<ref>[https://money.cnn.com/2008/03/06/pf/minds_over_money.moneymag/index.htm?postversion=2008031312 Money magazine]</ref> The economy ceases to expand, bringing in new workers and increased output, and begins contracting, laying off workers and declining output. [[Unemployment]] increases; 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>