In the last 100 years, the United States has experienced several periods of recession. A recession is typically defined as a significant decline in economic activity lasting more than a few months, evident in GDP, employment, industrial production, and other economic indicators.

Major U.S. Recessions (1920–2024)

1. 1920–1921 Recession
   • Cause: Post-World War I adjustments, deflation, and the Federal Reserve’s tightening of monetary policy.
   • Duration: ~1.5 years.
2. The Great Depression (1929–1933)
   • Cause: Stock market crash of 1929, banking failures, and reduced consumer spending.
   • Duration: ~4 years (with additional downturns in 1937–1938).
   • Most severe economic downturn in U.S. history.
3. Recession of 1945
   • Cause: Post-World War II economic adjustments as wartime spending decreased.
   • Duration: ~8 months.
4. Recession of 1948–1949
   • Cause: Post-war consumer demand slowing and monetary tightening.
   • Duration: ~11 months.
5. Recession of 1953–1954
   • Cause: Korean War demobilization and a decline in government spending.
   • Duration: ~10 months.
6. Recession of 1957–1958
   • Cause: Tight monetary policy by the Federal Reserve.
   • Duration: ~8 months.
7. Recession of 1960–1961
   • Cause: Tightening of monetary policy and reduced consumer demand.
   • Duration: ~10 months.
8. Recession of 1969–1970
   • Cause: Federal Reserve interest rate hikes and the Vietnam War’s economic burden.
   • Duration: ~11 months.
9. 1973–1975 Recession
   • Cause: Oil embargo (OPEC crisis), stagflation (high inflation + unemployment).
   • Duration: ~16 months.
10. Recession of 1980

• Cause: High inflation, Federal Reserve’s aggressive interest rate hikes.
• Duration: ~6 months.

11. Recession of 1981–1982

• Cause: Continued monetary tightening to fight inflation.
• Duration: ~16 months.

12. Early 1990s Recession (1990–1991)

• Cause: Oil price shock from the Gulf War and a credit crisis.
• Duration: ~8 months.

13. Early 2000s Recession (2001)

• Cause: Dot-com bubble burst and the 9/11 attacks.
• Duration: ~8 months.

14. The Great Recession (2007–2009)

• Cause: Subprime mortgage crisis, housing market collapse, and financial crisis.
• Duration: ~18 months.
• Second-worst U.S. recession after the Great Depression.

15. COVID-19 Recession (2020)

• Cause: Global pandemic, lockdowns, and supply chain disruptions.
• Duration: ~2 months (shortest U.S. recession on record).

Would you like more details on any specific recession?