A recession is a significant,widespread decline in nominal income and employment.

Name: A recession is a significant,widespread decline in nominal income and employment.
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A recession is typically defined as a significant decline in economic activity spread across the economy, lasting more than a few months, visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. It's about real, not nominal, variables.

A Recession Is a Significant,widespread Decline in Nominal Income and Employment