• An economic recession is defined as two quarters' worth of negative economic growth concerning the gross domestic product (GDP) of a country.Money Girl: What Is A Recession? (April 29, 2008) Recessions are less severe than depressions, and are of shorter duration. Recessions are cyclical in nature, last several months, and are offset by future recovery and gains.Wisegeek: In Economics, What Is A Recession? One sign that a recession may be over is that stock prices will start to rise six months prior to the recession's official ending.Seeking Alpha: Don't Wait For The Official End of the Recession (March 20, 2008)

  On January 30, 2009, the U.S. government reported that the gross domestic product fell 3.8% during the fourth quarter of 2008—the biggest drop since 1982. While economists had predicted a 5.5% decline, many cautioned that the numbers suggested more economic weakness was to come.CNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)

• Fast Facts

  1. The National Bureau of Economic Research declared that the U.S. was in a recession in November 2008MSNBC: It's official: U.S. is in recession (December 1, 2008)
  2. Panel said U.S. recession began in December 2007MSNBC: It's official: U.S. is in recession (December 1, 2008)
  3. Gross domestic product (GDP) fell nearly 4% in the fourth quarter of 2008CNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)
  4. It was the biggest GDP decline in 26 yearsCNNMoney.com: Economy: Sharpest decline in 26 years (January 30, 2009)
  5. Most recent prior recession: March 2001-November 2001U.S. Census: Periods of Recession
  6. Housing market destabilization one symptom of recessionRecession History: FAQ
  7. Low skirt hemlines seen as anecdotal evidenceCoutorture: Will Hemlines at Henri Bendel's Save Us? (October 10, 2008)
  8. Job markets adversely affectedChristian Science Monitor: U.S. job Losses Raise Recession Worries (February 4, 2008)
  9. World markets may be sinking into global depressionForbes: The Looming Global Recession (September 30, 2008)
  10. Recession marked by bank failuresU.S. News & World Report: Bank Failures: Should You Be Worried? (March 3, 2008)

• Legislation

  • Emergency Economic Stabilization Act of 2008 H.R.4124Library of Congress: H.R.4124 passed October 3, 2008. Written in order to shore up financial markets, stabilize credit, and increase consumer confidence, this is a bipartisan bill after a previous failed attempt in September 2008. However, many economists predicted that it would not forestall a recession.CBS: [1] (October 2, 2008)

• Historical Periods of Recession

  • November 1948 - October 1948U.S. Census: Periods of Recession
  • July 1953 - May 1954U.S. Census: Periods of Recession
  • August 1957 - April 1958U.S. Census: Periods of Recession
  • April 1960 - February 1961U.S. Census: Periods of Recession
  • December 1969 - November 1970U.S. Census: Periods of Recession
  • November 1973 - March 1975U.S. Census: Periods of Recession
  • January 1980 - July 1980U.S. Census: Periods of Recession
  • July 1981 - November 1982U.S. Census: Periods of Recession
  • July 1990 - March 1991U.S. Census: Periods of Recession
  • March 2001 - November 2001U.S. Census: Periods of Recession

• Quote

  "Recession is when a neighbor loses his job. Depression is when you lose yours." — Ronald ReaganBrainyQuote: Ronald Reagan Quotes

• Related Mahalo Pages

  2008 Recession | Alan Greenspan | Henry Paulson | Ben Bernanke | Unemployment Rate | Consumer Confidence | Mortgage Bailout Plan | Mortgage Relief Bill | 2008 Financial Crisis | US Bank Failure | Emergency Economic Stabilization Act of 2008 | Joshua Persky | Delta Severance Program | How to Ask for a Raise in a Recession | How to File for Unemployment in New York

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