Quote:
Originally Posted by Jolly Rancher  Main Entry: 1re·ces·sion
Pronunciation: \ri-ˈse-shən\
Function: noun
Date: circa 1652
1 : the act or action of receding : withdrawal
2 : a departing procession (as of clergy and choir at the end of a church service)
3 : a period of reduced economic activity — re·ces·sion·ary \-shə-ˌner-ē\ adjective |
Lets be a little more specific. "A period" could mean a week, a month or a year...here ya go..
In macroeconomics, a recession is a decline in a country's real gross domestic product (GDP), or negative real economic growth,
for two or more successive quarters of a year.[citation needed]
In the US, the judgment of the business-cycle dating committee of the National Bureau of Economic Research regarding the exact dating of recessions is generally accepted. The NBER has a more general framework for judging recessions:
Show me the negative growth for 2 successive quarters....if you can't then we probably are not in a recession. We are in a downturn..yes...a recession...HMMMM