What is a Recession? What is a Depression?

People frequently say a recession is two quarters of declining GDP. That is not the definition used by the National Bureau of Economic Research (NBER): The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. 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. For more information, see the latest announcement from the NBER's Business Cycle Dating Committee, dated 9/20/10 . I......(read more)

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