COLMES: We're in a recession. It is also because of...
HANNITY: We're not in a recession.
COLMES: Let me respond.
HANNITY: That's not true by definition.
1Fox News Network
November 17, 2008 Monday
SHOW: FOX HANNITY & COLMES 9:21 PM EST
Analysis With Dick Morris
BYLINE: Sean Hannity, Alan Colmes
GUESTS: Dick Morris
SECTION: NEWS; Domestic
LENGTH: 2717 words
Posts
1 comment:
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A recession is a contraction phase of the business cycle, or "a period of reduced economic activity."[1][2] The U.S. based National Bureau of Economic Research (NBER) defines a recession more specifically as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales."[3] A sustained recession may become a depression.
Some business & investment glossaries add to the general definition a rule of thumb that recessions are often indicated by two consecutive quarters of negative growth (or contraction) of gross domestic product (GDP).[4][5] Newspapers often quote this rule of thumb, however it fails to register several US recessions recognised by the NBER.[6]
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