>>n the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, but does not declare depressions.[1

>>n the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, but does not declare depressions.[1] Generally, periods labeled depressions are marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced using current resources and technology (potential output).[2] Another proposed definition of depression includes two general rules:[3][4] a decline in real GDP exceeding 10%, or a recession lasting 2 or more years.<< [1] https://en.wikipedia.org/wiki/Economic_depression#cite_note-nber.org-1 https://en.wikipedia.org/wiki/Economic_depression#cite_note-... [wiki ref] [2] https://en.wikipedia.org/wiki/Economic_depression#cite_note-2 https://en.wikipedia.org/wiki/Economic_depression#cite_note-... [wiki ref]