A recession: what is it?

A recession is defined as "a major fall in economic activity that spreads throughout the economy and lasts longer than a few months

Many people worry about a possible economic slowdown, sometimes known as a recession, when prices rise and the national Income falls

In September, consumer prices grew 8.2%

While GDP, or the value of all goods and services produced in the US, increased 2.6% in the three months that ended on September 30

By the middle of next year, a "very, very serious", is likely to send both the American and global economy into recession

For the time being, he pointed out, the American economy was "really still performing well," and consumers were probably in better shape than they had been before the global financial crisis of 2008