1. An old saying defines a recession as when your neighbor is laid off. 2. As a simple rule of thumb, many people define a recession as two quarters of consecutive decline in the gross domestic product. 3. As a more general rule of thumb, economists tend to define a recession as two consecutive quarterly declines in the gross domestic product. 4. A recession is defined as two consecutive quarters of negative GDP growth. 5. A recession is usually defined as at least two quarters in which the national output of goods and services declines. 6. A recession is defined as a period of economic decline running six months or more, usually marked by shrinking sales and rising unemployment. 7. A recession is often defined as two successive quarters of economic contraction. 8. A recession is traditionally defined as two consecutive quarters of economic contraction, and few economists question that the country is headed in that direction. 9. A recession is usually defined as at least two quarters in which the national output of goods and services contracts. 10. A recession usually is defined as two consecutive quarters of negative economic growth. |