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Definition Edit

Recession is

[a] pervasive, substantial decline in overall business activity that is of at least several months’ duration. The National Bureau of Economic Research identifies recessions on the basis of several indicators. As a rule of thumb, recessions are commonly identified by a decline in real GDP for at least two consecutive quarters.[1]

References Edit

  1. A Glossary of Terms Used in the Federal Budget Process, at 83.

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