The business cycle dating committee defines a recession as

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For example, if we measure the value of basketball output over time using a fixed price for valuing the basketballs, then only an increase in the number of basketballs produced could increase the value of the contribution made by basketballs to total output.The 2007–2009 recession lasted 18 months; it was the longest of the post–World War II period.Economists have sought for centuries to explain the forces at work in a business cycle.Source: Bureau of Economic Analysis, NIPA Table 1.1.6 (revised February 29, 2012). While the economy experienced expansions and recessions, its general trend during the period was one of rising real GDP.Real Gross Domestic Product, Chained Dollars [Billions of chained (2005) dollars]. The average annual rate of growth of real GDP was about 3.1%.

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