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Recession

Wikis > Recession

Recession is a decline in activity across the economy lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s gross domestic product (GDP). A recession is typically accompanied by an increase in unemployment. It is generally considered less severe than a depression, and if a recession continues long enough it is often then classified as a depression.

References:

Investor Words, “Recession.” Online: http://www.investorwords.com/4086/recession.html (Retrieved on August 8, 2014)

Jarvis, Phil, “Career Development.” In In Blythe C. Shepard and Priya S. Mani (editors). Career Development Practice in Canada: Perspectives, Principles and Professionalism. Toronto: Canadian Education and Research Institute for Counselling (CERIC), 2014, p.71.

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