Fewer Recessions Thanks to the Shale Revolution
- Feb 3, 2020 8:02 pm GMT
The United States economy currently enjoys the longest period of expansion in history. The economy has been growing for more than ten and a half years, since the end of the Great Recession of 2007-2009. Behind the current expansion is the rise of the US to become the world’s leading energy producer.
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 gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales.” US recessionary periods trigger business failures, changes in political leadership, and impact the daily lives of US citizens.
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