The most commonly accepted definition of recession is two consecutive quarters of declining gross domestic product, or GDP. Read Next: 5 Subtly Genius Moves All Wealthy People Make With Their Money ...

The Great Recession from 2007-09 saw GDP fall 4.3%, the biggest drop since the Great Depression. Deregulation in the 2000s and excessive risk by banks were major causes of the financial crisis.

The levels that entail a recession have risen over the decades as total employment has risen. The current level of Insured Unemployment is still historically low, and far below the Recession Marker ...