Routledge Dictionary of Economics, Second Edition
1 A phase of the business cycle which succeeds a boom and precedes a trough.
2 A six-month fall in GROSS DOMESTIC PRODUCT according to the NATIONAL BUREAU OF ECONOMIC RESEARCH of Washington, DC.
The principal indicators of this are falling output and rising UNEMPLOYMENT.
This is the complete article, containing 44 words (approx. 1 page at 300 words per page).
