History Of Us Recessions
Here s a brief overview of the recessions america has been through over the years.
History of us recessions. History of recessions in the united states. On average america s post war recessions have lasted only 10 months while. In simple terms it is a reduction in the consumer s purchasing power that is caused by loss of jobs personal income and.
The main recessions. A recession is a decline in economic growth and activity. The unofficial beginning and ending dates of recessions in the united states have been defined by the department of commerce.
Economy has weathered 12 different recessions since world war ii. History later showed that the recession officially ended in december of 2001. It is a decline in the per capita income and the decline in a country s gross domestic product.
Indeed until the last 25 years recessions were a common economic event often occurring every few years. There have been as many as 47 recessions in the united states dating back to the articles of confederation and although economists and historians dispute certain 19th century recessions the consensus view among economists and historians is that the cyclical volatility of gnp and unemployment was greater before the great depression than it has been since the end of world war ii. The commerce department defines a recession as a significant decline in economic activity spread across the economy lasting more than two quarters which is 6 months normally visible in real gross domestic product gdp real income employment industrial production.
The history of recessions in the united states shows that they are a natural though painful part of the business cycle the national bureau of economic research determines when a recession starts and ends.
