I think I am going to scream if I hear the word “recession” one more time. Every time you turn on the TV or read the news online, you see conflicting opinions– we’re in a recession, we’re entering a recession, we think there’s a possibility of a recession ahead. Sounds ominous, but what is a recession exactly?

A simple definition of a recession is “a period decreased economic activity.” If this clarifies everything for you, then congratulations, you’re officially smarter than I am. However, if you still don’t quite get it, let me expand a little. A recession is a long term, widespread decrease in economic activity across the economy, typically identified by a decrease in Gross Domestic Product, industrial production, and retail/wholesale sales. This, in turn, results in higher unemployment rates and consequently lower personal income.

In its most extreme form, a recession can become a depression, or sustained period of economic downturn.

Are we in a recession now? My completely non-expert answer would be “I think so.” But, what do I know? I’m not an economist. So, what do you think?