Seems all right: "In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity

Seems all right: "In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". In the United Kingdom and most other countries, it is defined as a negative economic growth for two consecutive quarters."