What a Recession at Bussiness
GOP lawmakers have touted a strong American economy, despite clarion calls from economists that a recession could be around the corner game judi slot. More than 10 years ago, several financial situations boiled over into an international crisis that buckled the world’s economies. According to the National Bureau of Economic Research (NBER), the Great Recession claimed the jobs, retirement plans and livelihoods of millions from December 2007 to June 2009.
Since then, however, the United States has been in a relatively prosperous period. For more than 115 months, the American economy has been in its second longest period of economic expansion . Since June 2009, the country has seen an annual average employment growth of 1.4 percent and a 2.3 percent annual growth to the market value of all goods and services produced in the country, also known as the gross domestic product (GDP).
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The economy is in a recession if experiences a steady decline with a drop in GDP for at least two consecutive quarters.
Recessions are generally considered a normal, albeit unfortunate, part of any business cycle, which goes through periods of contraction when the economy slows, expansion when the economy speeds up, and the peak, the upper turning point of the business cycle. Recessions typically last between six and 18 months.
Despite the post-Great Recession period’s still relatively continued growth, economists say they’ve begun seeing warning signs that may spell problems soon. Last month, a CNBC Fed Survey of more than 40 economists, fund managers and market strategists reported that their “economic sentiment was at a new low” under the current administration.
“Employment’s still growing, wages are picking up, retail sales are strong … there’s still some policy stimulus in the pipeline,” Joel Prakken, chief U.S. economist at research firm IHS Markit recently told the Christian Science Monitor. “The very near term looks OK to me, but there are some storm clouds on the horizon.”
To better understand what might be coming around the corner, let’s take a look at what a recession is and what brings them on.