Recession: The longest ever
What it is: A recession is officially called by economists at the National Bureau of Economic Research. 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."
Why it's important: Recessions are part of a normal economic cycle, but they are painful for businesses and consumers. Some recessions are much deeper and longer than others, and there is significant debate about how the government should act to correct an economic downturn.
Where we're headed: NBER officially declared June 2009 as the end of the latest downturn, making it the longest recession since World War II. That does not mean things feel completely better yet for most businesses and consumers. While economic growth seemed rapid in early 2010, it has slowed to a more tepid pace in the second half of the year.
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Last updated November 23 2010: 10:39 AM ET
