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The official dating of recessions is done by dating a guy with a child

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The latest episode was one of the longest and deepest recessions since the Great Depression of the 1930s.

There is no official definition of recession, but there is general recognition that the term refers to a period of decline in economic activity.

Using other indicators can also provide a timelier gauge of the state of the economy.The start and end dates are determined by the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER).It is a popular misconception that a recession is indicated simply by two consecutive quarters of declining GDP, which is true for most, but not all recession. Newspapers are full of stories about which of the big economies will be first to dip into recession as a result of the credit crunch.The answer depends largely on what you mean by “recession”.Most commentators and analysts use, as a practical definition of recession, two consecutive quarters of decline in a country’s real (inflation-adjusted) gross domestic product (GDP)—the value of all goods and services a country produces.