Are we currently in a recession? Are you thriving or just surviving?
A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.
Gross domestic product is a monetary measure of the market value of all the final goods and services produced and sold in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator.
During a recession, unemployment rates go up because companies start cutting their workforce in order to handle the challenges of decreased spending from consumers. The employment market turns bleak — there's less hiring, more layoffs and fewer financial incentives offered to current employees, like bonuses and raises.
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