How long did the Great Recession last according to historical data?

The Great Recession officially lasted for a period of eighteen months, beginning in December 2007 and concluding in June 2009. This timeframe is recognized by the National Bureau of Economic Research (NBER), which is the authority on business cycle dating in the United States. During this time, the economy experienced significant declines in consumer wealth, severe disruptions in financial markets, and an increase in unemployment rates, which contributed to the overall economic downturn.

Understanding the duration of the Great Recession is vital for grasping its impact on various economic factors, including GDP, unemployment, and government policy responses. The period established a benchmark for subsequent recovery measures and provided important lessons for economic stabilization and regulation. This historical context reinforces the relevance of the eighteen-month duration as a significant point in understanding modern economic cycles.