Through all the discussions about whether or not recession is on the horizon, some may be asking one very fundamental question: What makes recession?
TUCSON, Ariz. — With speculation on whether the country is headed toward a recession, University of Arizona economist George Hammond weighed the likelihood of whether or not Arizona itself was poised to avoid one.
According to the National Bureau of Economic Research , the definition of a recession is straightforward: Recession is marked by a"significant decline in economic activity that is spread across the economy and that lasts more than a few months."Conventional wisdom will often interpret a recession as two consecutive quarters of falling real GDP, according to written material from the White House.
It's not a sure-fire sign the state will avoid the recession altogether. He also says the growth should slow compared to the previous 30-year period.
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