The Great Recession lasted from December 2007 to June 2009, the longest contraction since the Great Depression. The subprime mortgage crisis triggered a global bank credit crisis in 2007.
After the Great Recession ended in June 2009, the U.S. economy hit the longest-running upward swing in history. The first recession in the 21st century followed steady economic growth in the 1990s. It stretched from March 2001 to November 2001.
A recession is defined as a significant decline in economic activity across the economy, usually for more than a few months. A recession stretches from the time the economy hits its apex to when it bottoms out, with the path from “trough” to “peak” called an expansion, or a normal state of the economy.
President John F. Kennedy ended the recession with stimulus spending. His opponent, Richard Nixon, blamed the recession for costing him the election. In this recession, which took place from August 1957 to April 1958, GDP fell 4.1% in Q4 1957, then contracted to a low of 10.0% in Q1 1958.
Lasting from December 2007 to June 2009, this economic downturn was the longest since World War II. The Great Recession began in December 2007 and ended in June 2009, which makes it the longest recession since World War II. Beyond its duration, the Great Recession was notably severe in several respects.
Great Recession 2008 The financial crash and global recession of 2008 was "the worst economic disaster since the Great Depression of 1929", according to The Balance (opens in new tab). The crash was triggered primarily by the collapse of the U.S. Housing Market, according to Investopedia (opens in new tab).
The decline in overall economic activity was modest at first, but it steepened sharply in the fall of 2008 as stresses in financial markets reached their climax. From peak to trough, US gross domestic product fell by 4.3 percent, making this the deepest recession since World War II.
The COVID-19 recession is a global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020.
18Great Recession / Duration (months)
There have been 19 noteworthy recessions throughout U.S. history.
The Great Recession was the sharp decline in economic activity during the late 2000s. It is considered the most significant downturn since the Great Depression. The term "Great Recession" applies to both the U.S. recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009.
December 2007 – June 2009Great Recession / Time period
Unsourced material may be challenged and removed. The early 2000s recession was a decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001.
February 2020The Covid-19 recession is in the books as one of the deepest — but also the shortest — in U.S. history, the official documenter of economic cycles said Monday. According to the National Bureau of Economic Research, the contraction lasted just two months, from February 2020 to the following April.
The U.S.'s Covid-19-induced recession ended in April 2020 after two months, making it the nation's shortest downturn on record, according to the academic panel that serves as arbiter of U.S. expansion dates.
People are unhappy with inflation, which at 8.3% has recently been running its highest since 1982. But inflation is not recession, which is defined as a significant decline in economic activity. Economic activity is not falling. Quite the contrary: It is booming.