Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades. Dating back to the mid 1850s the United States has had about 32 recessions in its history. The two recessions that had lasted the longest at about 16 months each, was the first being in November 1973 to March 1975, and the other from July 1981 to November 1982. According to aboutnews.com article “The History of Recessions in the United States”, the Recession of 1973 officially started in November and lasted till March of 1975. There were reasons why the recession of 1973 happened, a lot of the blame though was put on the 1973 oil crisis and the fall of the Bretton Woods System after the Nixon Shock. According to wikipedia.com, the Bretton Woods System was
Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades. Dating back to the mid 1850s the United States has had about 32 recessions in its history. The two recessions that had lasted the longest at about 16 months each, was the first being in November 1973 to March 1975, and the other from July 1981 to November 1982. According to aboutnews.com article “The History of Recessions in the United States”, the Recession of 1973 officially started in November and lasted till March of 1975. There were reasons why the recession of 1973 happened, a lot of the blame though was put on the 1973 oil crisis and the fall of the Bretton Woods System after the Nixon Shock. According to wikipedia.com, the Bretton Woods System was