Recession

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A recession is a period of economic retraction; in macroeconomics it is defined as two or more consecutive quarters of decline in the Gross Domestic Product (GDP).  Economists rely on the Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) to officially declare recessions using more advanced metrics.  This official designation is of limited value as it’s often declared several months after a recession has begun.

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Parsimonious - unusual or excessive frugality to the point of stinginess

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