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Article: Recession
- Article from:
- Gale Encyclopedia of U.S. Economic History
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RECESSION
A recession is a downturn in the business cycle that occurs when the real gross national product (GNP)
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the total output of goods and services produced by the U.S. population
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declines for two consecutive quarters, or six months. Recessions are usually characterized by a general decrease in output, income, employment, and trade lasting from six months to a year. A more severe and long-lasting economic crisis is known as a depression.
Virtually all advanced world economies that are not controlled centrally have experienced recurring cycles of slump and recovery in business activity since the Industrial Revolution. The United States suffered through four severe ...