List of recessions

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List of recessions

This is a list of recession
Recession

In economics, the term recession describes the reduction of a country's gross domestic product for at least two Calendar_year#Quarters. The usual dictionary definition is "a period of reduced economic activity", a business cycle contraction....
s that have affected the United States

United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
. Though economists define a recession as two quarters of negative GDP growth, the beginning and ending dates of U.S. recessions are officially determined by the National Bureau of Economic Research (NBER

National Bureau of Economic Research

The National Bureau of Economic Research is a private, nonprofit research organization dedicated to studying the science and empirics of economics, especially the Economy of the United States....
). The NBER defines a recession as, "...a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." From 1945-2007 the NBER has identified 11 recessions; their average duration was 10 months (peak to trough).

Most of the recessions listed here have affected economies on a worldwide scale; some of them are the Great Depression

Great Depression

File:International depression.pngThe Great Depression was a worldwide economic Recession starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries....
, the late 1980s recession

Late 1980s recession

The recession of the early nineteen-nineties was an economy recession that hit much of the world in 1990-91.On Black Monday of October 1987 a stock collapse of unprecedented size lopped 22.6 percent off the Dow Jones Industrial Average....
, and the early 2000s recession

Early 2000s recession

The Early 2000s recession was felt in mostly Western countries, affecting the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003....
.

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United States

National Bureau of Economic Research

Great Depression

Late 1980s recession

Early 2000s recession

The Early 2000s recession was felt in mostly Western countries, affecting the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003....
. Recessions in one country are often grouped together with recessions in other countries that are related, and they commonly share a focal point as the cause of the recession.

Note that before detailed economic statistics

Economic statistics

Economic statistics is a branch of applied statistics focusing on the collection, processing, compilation and dissemination of statistics concerning the economy of a region, a country or a group of countries....
began to be gathered in the nineteenth century, it was difficult to tell when recessions occurred. In spite of this, it is possible to estimate when economic recessions began because they were typically caused by external actions on the economic system

Economic system

An economic system or ?conomic system is a system that involves the Economic production, distribution and consumption of Good and Service between the entities in a particular society....
such as wars and variations in the weather

Weather

Weather is a set of all the Phenomenon occurring in a given atmosphere at a given time. Weather phenomena lie in the hydrosphere and troposphere....
.

Recessions and other Economic Crises

Name	Dates	Duration	Time since start of previous entry	Causes
Panic of 1797 Panic of 1797 The Panic of 1796-1797 was a series of downturns in Atlantic credit markets that led to broader commercial downturns in both Britain and the United States....	1797–1800	years	–	The effects of the deflation of the Bank of England Bank of England The Bank of England is the central bank of the United Kingdom and is the model on which most modern, large central banks have been based. Since 1946 it has been a Nationalisation institution.... crossed the Atlantic Ocean Atlantic Ocean The Atlantic Ocean is the second-largest of the world's oceanic divisions; with a total area of about 106.4 million square kilometres . It covers approximately one-fifth of the Earth's surface.... to North America North America North America is the northern continent of the Americas, situated in the Earth's northern hemisphere and almost totally in the western hemisphere.... and disrupted commercial Market A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy.... and real estate Real estate Real estate is a law term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location. markets in the United States United States The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U... and the Caribbean Caribbean The Caribbean is a region consisting of the Caribbean Sea, its islands , and the surrounding coasts. The region is located southeast of the Gulf of Mexico and Northern America, east of Central America, and to the north of South America.... . Britain Great Britain Great Britain is an island lying to the northwest of Continental Europe. It is the List of islands by area, and the largest in Europe. With a population of 58.9 million people it is List of islands by population.... 's economy was greatly affected by developing disflationary repercussions because it was fighting France France France , officially the French Republic , is a country whose Metropolitan France is located in Western Europe and that also comprises various Overseas departments and territories of France.... in the French Revolutionary Wars French Revolutionary Wars The French Revolutionary Wars were a series of major conflicts, from 1792 until 1802, fought between the French Revolutionary government and several European states.... at the time.
Depression of 1807	1807–1814	years	years	The Embargo Act of 1807 Embargo Act of 1807 BackgroundOn June 21, 1807, in an event known as the Chesapeake-Leopard Affair, the American frigate USS Chesapeake was fired upon and was boarded near Norfolk by the British warship HMS Leopard .... was passed by the United States Congress United States Congress The United States Congress is the Bicameralism legislature of the Federal government of the United States of the United States of America, consisting of two houses, the United States Senate and the United States House of Representatives.... under President Thomas Jefferson Thomas Jefferson Thomas Jefferson was the List of Presidents of the United States President of the United States , the principal author of the United States Declaration of Independence , and one of the most influential Founding Fathers of the United States for his promotion of the ideals of republicanism in the United States.... . It devastated shipping-related industries. The Federalists Federalist Party (United States) The Federalist Party was an American political party in the period 1792 to 1816, with remnants lasting into the 1820s. The Federalists controlled the federal government until 1801.... fought the embargo and allowed smuggling to take place in New England New England New England is a region of the United States located in the northeastern corner of the country, bounded by the Atlantic Ocean, Canada and New York State, and consisting of the modern U.S.... .
Panic of 1819 Panic of 1819 The Panic of 1819 was the first major Currency crisis in the United States. The new nation faced a depression in the late 1780s , and another severe economic downturn in the late 1790s following the Panic of 1797....	1819–1824	years	years	The first major financial crisis Financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value.... in the United States United States The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U... featured widespread foreclosures, bank failures, unemployment Unemployment File:World map of countries by rate of unemployment.pngUnemployment occurs when a person is available to work and currently seeking work, but the person is without Wage labour.... , and a slump in agriculture Agriculture Agriculture refers to the production of food and goods through farming and forestry. Agriculture was the key development that led to the rise of civilization, with the animal husbandry of domestication animals and plants creating food surpluses that enabled the development of more Population density and Social stratification societies.... and manufacturing Manufacturing Manufacturing is the use of machine, tool and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to Industry production, in which raw material are transformed into finished good on a large scale.... . It also marked the end of the economic expansion that followed the War of 1812 War of 1812 The War of 1812, between the United States of America and the British Empire , was fought from 1812 to 1815.There were several immediate stated causes for the U.S.... .
Panic of 1837 Panic of 1837 The Panic of 1837 was a financial crisis in the United States built on a speculative fever. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in currency ....	1837–1843	years	years	A sharp downturn in the American economy Economy of the United States The economy of the United States is the List of countries by GDP in the world. Its gross domestic product was estimated as $14.2 trillion in 2008.... was caused by bank failures and lack of confidence in the paper currency Banknote A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender.... . Speculation markets were greatly affected when American banks stopped payment Specie Circular The Specie Circular was an Executive order issued by President of the United States Andrew Jackson in 1836 and carried out by President Martin Van Buren.... in specie Currency A currency is a Medium of exchange, facilitating the trade of goods and/or Service s. It is coins and paper bills used as money. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value.... (gold and silver coinage).
Panic of 1857 Panic of 1857 The Panic of 1857 was a sudden downturn in the economy of the United States that occurred in 1857. A general recession first emerged late in 1856, but the successive failure of banks and businesses that characterized the panic began in mid-1857....	1857–1860	years	years	Failure of the Ohio Life Insurance and Trust Company Ohio Life Insurance and Trust Company The Ohio Life Insurance and Trust Company was a bank based in Cincinnati, Ohio and existed from 1830 1850. The Panic of 1857, an economic depression, resulted after the company's New York City offices ceased operations.... burst a European speculative bubble in United States railroads Rail transport in the United States Today, most rail transport in the United States is based in freight train shipments. Changing U.S. economic needs and the rise of automobile, bus, and air transport led to repeated convulsions in the U.S.... and caused a loss of confidence in American banks Banking in the United States Banking in the United States has occurred under a series of laws passed by the federal and state governments of the United States of America.... . Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas.
Panic of 1873 Panic of 1873 The Panic of 1873 was the start of the Long Depression, a severe nationwide economic depression in the United States that lasted until 1879. It was precipitated by the bankruptcy of the Philadelphia banking firm Jay Cooke & Company on September 18, 1873, following the crash on May 9, 1873 of the Wiener B?rse in Austrian Empire ....	1873–1879	years	years	Economic problems in Europe Europe Europe is, conventionally, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally divided from Asia to its east by the water divide of the Ural Mountains, the Ural , the Caspian Sea, and by the Caucasus Mountains to the southeast.... prompted the failure of the Jay Cooke & Company Jay Cooke Jay Cooke , United States financier, was born at Sandusky, Ohio, the son of Eleutheros Cooke , a pioneer Ohio lawyer and Whig Party member of Congress from that state in 1831-1833 and member of the Ohio General Assembly.... , the largest bank in the United States, which burst the post-Civil War American Civil War The American Civil War , also known as the War Between the States and several Naming the American Civil War, was a civil war in the United States.... speculative bubble Speculation Speculation is the assumption of the risk of loss, in return for the uncertain possibility of a reward. Only if one may safely say that a particular position involves no risk may one say, strictly speaking, that such a position represents an "investment." Financial speculation involves the trade, and short-selling of stocks, bond , commodity... . The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests.
Long Depression Long Depression The Long Depression was a depression that affected much of the world and was contemporary with the Second Industrial Revolution. At the time it was regarded as the Great Depression, remaining so until the Great Depression of the 1930s....	1873–1896	years	–	The collapse of the Vienna Stock Exchange caused a depression that spread throughout the world. It is important to note that during this period, the global industrial production greatly increased. In the United States, for example, industrial output increased fourfold.
Panic of 1893 Panic of 1893 The Panic of 1893 was a serious economic depression in the United States that began in 1893. This panic is sometimes considered a part of the Long Depression which began with the Panic of 1873, and like that of earlier crashes, was caused by railroad overbuilding and shaky railroad financing; which set off a series of bank failures....	1893–1896	years	years	Failure of the United States Reading Railroad and withdrawal of European investment led to a stock market and banking collapse. This Panic was also precipitated in part by a run Bank run A bank run occurs when a large number of bank customers withdraw their Deposit account because they believe the bank is, or might become, insolvency.... on the gold Gold Gold is a chemical element with the symbol Au and atomic number 79. It is a highly sought-after precious metal, having been used as money, as a store of value, in jewelry, in sculpture, and for ornamentation since the beginning of recorded history.... supply.
Panic of 1907 Panic of 1907 The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell close to 50 percent from its peak the previous year....	1907–1908	year	years	A run on Knickerbocker Trust Company Knickerbocker Trust Company The Knickerbocker Trust, chartered in 1884 by Frederick G. Eldridge, a friend and classmate of financier J.P. Morgan, figured at one time among the largest banks in the United States and a central player in the Panic of 1907.... deposits on October 22, 1907, set events in motion that would lead to a severe monetary contraction.
Post-World War I recession	1918–1921	years	years	Severe hyperinflation Hyperinflation File:Bundesarchiv Bild 102-00104, Inflation, Tapezieren mit Geldscheinen.jpgIn economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value.... in Europe took place over production in North America. It was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops. This in turn caused high unemployment.
Great Depression Great Depression File:International depression.pngThe Great Depression was a worldwide economic Recession starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries....	1929–1939	years	years	Stock markets crashed worldwide, and a banking collapse took place in the United States. This sparked a global downturn, including a second severe recession. (The Recession of 1937 Recession of 1937 The Recession of 1937, sometimes called the Roosevelt Recession, was a temporary reversal of the pre-war 1933 to 1941 economic recovery, which occurred in 1937-38.... is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century).
Recession of 1953 Recession of 1953 In the United States the Recession of 1953 began in the second quarter of 1953 and lasted until the first quarter of 1954. The total recession cost roughly $56 billion....	1953–1954	year	years	After a post-Korean War Korean War The Korean War refers to a period of military conflict between North Korea and South Korea regimes, with major hostilities lasting from June 25, 1950 until the armistice signed on July 27, 1953.... inflationary period, more funds were transferred into national security National security The late political scientist Hans Morgenthau, author of Politics Among Nations, defines national security as the integrity of the national territory and its institutions.... . The Federal Reserve changed monetary policy to be more restrictive in 1952 due to fears of further inflation.
Recession of 1957 Recession of 1958 The Recession of 1958 was a sharp worldwide economic downturn in 1958.It hit economically disadvantaged countries hardest, because it involved a decline in the purchases of raw materials, both agricultural and mineral, by developed nations....	1957–1958	year	years	Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959.
Recession of 1960-1	1960–1961	year	years	After President Kennedy's 30 January 1961 call for increased government spending to improve the Gross National Product and to reduce unemployment, the 1960-61 recession ended in February.
1973 oil crisis 1973 oil crisis The 1973 oil crisis started on October 15, 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo "in response to the U.S.... 1973–1974 stock market crash	1973–1975	years	years	A quadrupling of oil prices by OPEC OPEC The Organization of Petroleum Exporting Countries is a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.... coupled with high government spending due to the Vietnam War Vietnam War The Vietnam War, also known as the Second Indochina Wars, the Vietnam Conflict, or often in Vietnam the American War occurred in Vietnam, Laos and Cambodia from 1959 to April 30, 1975.... led to stagflation Stagflation Stagflation is an economic situation in which inflation and economic stagnation occur simultaneously and remain unchecked for a period of time. The Portmanteau word "stagflation" is generally attributed to British politician Iain Macleod, who coined the term in a speech to Parliament of the United Kingdom in 1965.... in the United States.
Early 1980s recession Early 1980s recession The early 1980s recession was a severe recession in the United States which began in July 1981 and ended in November 1982. The primary cause of the recession was a contractionary monetary policy established by the Federal Reserve System to control high inflation....	1980–1982	years	years	The Iranian Revolution Iranian Revolution The Iranian Revolution was the revolution that transformed Iran from a Iranian monarchy under Shah Mohammad Reza Pahlavi to an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the revolution and founder of the Islamic Republic.... sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis 1979 energy crisis The 1979 oil crisis in the United States occurred in the wake of the Iranian Revolution. Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing Ayatollah Khomeini to gain control.... . This was caused by the new regime in power in Iran Iran Iran , officially the Islamic Republic of Iran and formerly known internationally as Persian Empire until 1935, is a country in Central Eurasia, located on the northeastern shore of the Persian Gulf and the southern shore of the Caspian Sea.... , which exported oil at inconsistent intervals and at a lower volume, forcing prices to go up. Tight monetary policy Monetary policy Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy.... in the United States to control inflation Inflation In economics, inflation is a rise in the general price level of goods and services in an economy over a period of time. The term "inflation" once referred to increases in the money supply ; however, economic debates about the relationship between money supply and price levels have led to its primary use today in describing price inflatio... led to another recession. The changes were made largely because of inflation that was carried over from the previous decade due to the 1973 oil crisis 1973 oil crisis The 1973 oil crisis started on October 15, 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo "in response to the U.S.... and the 1979 energy crisis.
Early 1990s recession	1990–1991	year	years	Industrial production and manufacturing-trade sales increased in early 1991.
Early 2000s recession Early 2000s recession The Early 2000s recession was felt in mostly Western countries, affecting the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003....	2001	months	years	The collapse of the dot-com bubble Dot-com bubble The "dot-com bubble" was a economic bubble covering roughly 1995?2001 during which stock markets in Western world saw their value increase rapidly from growth in the new quaternary sector of industry and related fields.... , the September 11th attacks, and accounting scandals Accounting scandals Accounting scandals, or corporate accounting scandals are political scandals and corporate abuses which arise with the disclosure of misdeeds by trusted executives of large public corporations.... contributed to a relatively mild contraction in the North America North America North America is the northern continent of the Americas, situated in the Earth's northern hemisphere and almost totally in the western hemisphere.... n economy.
Late 2000s recession Late 2000s recession File:2007-2009 World Financial Crisis.svgFile:800px-The Great Asset Bubble.jpgIn 2008-2009 much of the industrialized world entered into a deep recession....	Dec 2007-current	ongoing	years	The collapse of the housing market led to bank collapses in the US and Europe, causing the amount of available credit to be sharply curtailed, resulting in a massive liquidity crisis. In addition, high oil prices, stock markets crashed worldwide, and a banking collapse took place in the United States.

External links

- RECESSION.ORG Provides a full history of recession in the United States.

List of recessions

Recessions and other Economic Crises

Further reading

External links