Recession vs depression: Differences between the economic downturns
Gross domestic product (GDP) contracts for at least a few months in a recession. GDP growth will slow for several quarters before it turns negative in a typical recession. "The bottom line is there's not really a concrete definition. Not only for depression, but even for a recession," said Gary Schlossberg, lead wealth investment solutions analyst at Wells Fargo. However, it's a little tricky to concretely, quantifiably describe the difference between a recession and a depression, mainly because there's only been one. The U.S. may be in a recession as you're reading this — the NBER committee responsible for declaring recessions frequently makes that call in retrospect.
Economic downturns explained: What is a recession vs. a depression?
It might be harder for you to get or keep a job, negotiate a raise or start a small business...
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