What is a recession? This happens when there is a significant decline in the economy which usually lasts for a short period of time. You can tell there is one when consumers dont spend that much, a lot of people are unemployed, companies have to make job cuts, industrial production is down and lately, there is a housing crisis as people have to foreclose their homes.
The technical indicator which tells you that the country is in a recession is when there has been 2 consecutive quarters of negative growth which is measured by the countrys GDP or gross domestic product.
Experts say that this is bound to happen because it is part of the business cycle and things usually improve within 16 to 18 months.
What is a business cycle? It is considered to be a periodic but irregular up and down movement in a countrys economic activity which can be measured by fluctuations in the GDP as well as other macroeconomic variables.
Things are going up when the economy recovers and expands. The situation goes the opposite direction when the market experiences a slowdown until it eventually reaches a recession.
The last time the United States had a recession was in...
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