Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not Last longer than one year and is much milder than a depression. Although recessions are considered a normal part of a capitalist economy, there is no unanimity ...Read more

USAGE EXAMPLE

Many people cut back on unnecessary shopping and travel during the last recession, because they felt their jobs might be in jeopardy.