Recession is defined as two consecutive quarters of negative Real GDP growth.

The US has experienced many recessions historically. The last four US Recessions were those experienced in 1973 to 1974, 1980 to 1982, 1991, 2008 to 2009. The most severe recession recorded in US history was recorded between 1928 and 1937. During these recessions US Real GDP contracted by an average two to three percent per annually but did not last long.