recession
A recession is generally defined as a general period of declining economic activity. ... During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from its full employment 5 percent level up to the 6 to 10 percent range. The NBER "officially" uses a different definition for a recession. The panel of six distinguished academic economists defines a recession as a widespread decline in economic activity lasting more than a few months. ... What is unusual about the current economic recession is the employment rate.