Recession

A recession is a phase of the business cycle marked by a broad decline in economic activity. It starts after the economy reaches a peak and ends when it hits a trough. The National Bureau of Economic Research describes it as a significant drop in economic activity across the economy lasting more than a few months, often seen in measures such as real GDP, income, employment, industrial production, and wholesale-retail sales.

It is a period when the economy slows down and many things get weaker at the same time, like jobs, spending, and business activity.