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A relatively mild period of falling incomes and rising unemployment is called a recession.
What is recession?
- A recession is defined as a significant, widespread, and long-term decline in economic activity.
- Because recessions frequently last six months or longer, one widely accepted rule of thumb is that two consecutive quarters of decline in a country's Gross Domestic Product (GDP) constitutes a recession.
- Economic output, consumer demand, and employment typically fall during recessions.
- A recession is a significant, widespread, and long-lasting decline in economic activity.
- Economists calculate the length of a recession by comparing the peak of the previous expansion to the trough of the downturn.
- Recessions can last as little as a few months, while economic recovery to pre-recession levels can take years.
- An inverted yield curve has predicted the last ten recessions, as well as two that did not occur.
- Because unemployment often remains high well into an economic recovery, the early stages of a recovery can feel like a continuing recession to many people.
- Countries all over the world use fiscal and monetary policies to reduce the likelihood of a recession.
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