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A '''recession''' implies at least two quarters of negative economic activity. [http://money.cnn.com/2008/03/06/pf/minds_over_money.moneymag/index.htm?postversion=2008031312]
 
A '''recession''' implies at least two quarters of negative economic activity. [http://money.cnn.com/2008/03/06/pf/minds_over_money.moneymag/index.htm?postversion=2008031312]
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It is a increase in an economy's [[unemployment]]; output and profits fall; personal income falls.
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It is a increase in an economy's [[unemployment]]; output and profits fall; personal income falls. However, broader definition of an economic recession are often used. For example, according to Investopedia: "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>
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There may also be a decline in personal and business optimism, and a decline in the rate of [[consumption]] and capital [[investment]] in business activity.
 
There may also be a decline in personal and business optimism, and a decline in the rate of [[consumption]] and capital [[investment]] in business activity.
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