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With all the talk in the financial media about a “looming recession”, we thought we’d share some facts about them:   The definition of a recession: The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. They state that a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. The “other” definition: In 1974, economist Julius Shiskin defined a recession as two consecutive quarters of …