This year, there have been murmurs that the United States is entering, again, into an economic recession. Although the National Bureau of Economic Research still has not release any formal announcement regarding this, American people are starting to experience an economic slowdown and a downturn in their financial and personal life.
This would not be the first time that the United States would experience an economic recession. According to economists, since 1854, the United States has encountered 32 cycles of expansions and contractions (boom and bust). There would be and average of 17 months of contraction an 38 months of expansion. However, since 1980 there have been only eight periods of negative economic growth over one quarter or more.
There were three period considered to recessions: January- July 1980 and July 1981- November 1982: two years in total July 1990- March 1991: eight months
November 2001- November 2002: twelve months