Recession

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)

On February 4, 2010, the Labor Department is expected to announce an revised figure of jobs lost since the economic downturn began in December of 2007. They are expected to increase the number of jobs loss from 7 million to 8 millionhttp://money.cnn.com/2010/02/04/news/economy/jobs_outlook/

• 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)

• 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

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