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| − | 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. |
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| | 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> |
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| | [[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]] |
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| − | 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> |
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| | 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. |
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| | * [[Panic of 1907]] | | * [[Panic of 1907]] |
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| − | ==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 |
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| − | ====references==== | + | ==References== |
| | <references/> | | <references/> |
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| | [[Category:Economics]] | | [[Category:Economics]] |
| | [[Category:Economic History]] | | [[Category:Economic History]] |