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A significant, widespread decline in economic activity.
A recession is a significant, widespread decline in economic activity that lasts more than a few months: lower output, fewer jobs and weaker spending. A common rule of thumb is two quarters in a row of falling GDP.
The 2008–2009 recession and the short, sharp 2020 recession both saw unemployment jump.
Stocks often fall before a recession is officially declared and start recovering before it ends. Having an emergency fund matters most during recessions.
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