recession

  

Definition

Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression. Although recessions are considered a normal part of a capitalist economy, there is no unanimity of economists on its causes.

Use recession in a sentence

  • The United States recently recovered from a recession that began in 2008 after the housing bubble burst leading to the subprime mortgage crisis.

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