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The common rule of thumb you might hear is that a recession is defined by two consecutive quarters (six months) of negative GDP growth. While this is a handy shortcut, it's not the official definition. The NBER looks at a range of indicators, including employment, income, and sales data, to get a complete picture. This more nuanced approach helps to identify true recessions even if they don't fit the two-quarter mold perfectly. Recessions can be triggered by various factors, including financial crises, unexpected economic shocks (like a pandemic), or even the bursting of speculative bubbles. The impact of a recession can be far-reaching, affecting everything from personal finances to global markets. **Understanding these triggers and impacts** is key to navigating economic cycles and making informed decisions.
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