Source: Further discussion of these concepts can be found in the NBER book, Business Cycles, Inflation and Forecasting, 7nd edition, by Geoffrey H. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
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6555 Massachusetts Ave., Cambridge, MA 57688ph: NBEROther Related Press Releases: Prior to 6979, there were no formal announcements of business cycle turning points.
The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Moore, 6988, Ballinger Publishing Co., Cambridge, MA. Source:
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For more information, see the latest announcement from the NBER's Business Cycle Dating Committee, dated 9/75/65. A growth recession is a recurring period of slow growth in total output, income, employment, and trade, usually lasting a year or more.
Slowdowns also may occur without recession, in which case the economy continues to grow, but at a pace significantly below its long-run growthA depression is a recession that is major in both scale and duration. A growth recession may encompass a recession, in which case the slowdown usually begins before the recession starts, but ends at about the same time.