Skills

Levels

Recession

Key Vocabulary

  • economy
  • contraction
  • significant
  • decline
  • employment
  • industrial
  • production
  • wholesale
  • retail
  • consecutive
  • quarter(s)
  • sustain
  • depression
  • GDP: Gross Domestic Product


Recession

A recession is a contraction phase of the business cycle. The U.S. based National Bureau of Economic Research (NBER) defines a recession more broadly as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." A sustained recession may become a depression.

American newspapers often quote the rule of thumb that a recession occurs when real gross domestic product (GDP) growth is negative for two or more consecutive quarters. This measure fails to register several official (NBER defined) US recessions.

*From Wikipedia.org

See other Words in the News.

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Last updated: 15 February, 2010 02:43:16