USA HISTORY

Detailed explanation-1: -The growth in the economy continues to decline, and as this falls below the steady growth line, the stage is called a depression.

Detailed explanation-2: -The NBER defines a recession as a period between a peak and a trough in the business cycle where there is a significant decline in economic activity spread across the economy that can last from a few months to more than a year.

Detailed explanation-3: -The investment advisor argues that the economy met the technical definition of recession after two consecutive quarters of negative growth, but numerous other positive economic indicators show the economy is not in recession.

Detailed explanation-4: -The NBER’s Business Cycle Dating Committee defines a recession as “a significant decline in economic activity spread across the economy, last-ing more than a few months, normally visible in production, employment, real income, and other indicators.

Detailed explanation-5: -An economic boom is the expansion and peak phases of the business cycle. It’s also known as an upswing, upturn, and a growth period. During a boom, key economic indicators will rise. Gross domestic product (GDP), which measures a nation’s economic output, increases.