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TeachMeFinance.com - explain recession recession -- A phase of the business cycle extending from a peak to the next trough and characterized by a substantial decline in overall business activity--output, income, employment, and trade--of at least several months' duration. As a rule of thumb, though not an official measure, recessions are identified by a decline in real gross domestic product for at least two consecutive quarters. another definition... Recession -- A significant decline in general economic activity extending over a period of time. another definition... recession -- a period of reduced economic activity during which the level of unemployment rises, production slows, and general prosperity lags. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.