The technical definition of a recession is 2 consecutive quarters of negative economic growth as measured by the. More generally, it is defined as a period of several months of more with declines in employment and income at the consumer level and declines of production and trade for businesses.
On a more personal level, if you lose your job, it's just a recession. If I lose my job, it's an economic crisis.
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- 06-05-2009 03:24 PM