recession

Definition

A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters. A recession is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market. A recession is generally considered less severe than a depression, and if a recession continues long enough it is often then classified as a depression. There is no one obvious cause of a recession, although overall blame generally falls on the federal leadership, often either the President himself, the head of the Federal Reserve, or the entire administration.

Use recession in a sentence

Due to the current recession, there were a lot of things that we could not do, that we could before.

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Unfortunately due to the recession, our company was forced to make budget cuts that included layoffs and store closings just to stay in business.

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The recession in 2008 hit my family hard, as my wife and I both lost our jobs, which pushed us pretty far in to debt just to keep our home - thank goodness it turned around before it snowballed into a full-blown depression.

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