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Encyclopedia > Recession

In macroeconomics, a recession is generally associated with a decline in a country's real gross domestic product (GDP), or negative real economic growth. According to one widespread definition, a recession occurs when real growth is negative for two or more successive quarters of a year. However, there are differing definitions: In the United States, the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee ultimately decides whether the economy has fallen into a recession. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales."[1] Image File history File links Gnome-globe. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole. ... GDP redirects here. ... World GDP/capita changed very little for most of human history before the industrial revolution. ...

Contents

Attributes of recessions

A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation. A severe or long recession is referred to as an economic depression. Although the distinction between a recession and a depression is not clearly defined, it is often said that a decline in GDP of more than 10% constitutes a depression.[2] A devastating breakdown of an economy (essentially, a severe depression, or hyperinflation, depending on the circumstances) is called economic collapse. Deflation (economics) Deflation (data compression) Deflation is the removal of loose soil by eolian (wind) processes This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Stagflation, a portmanteau of the words stagnation and inflation, is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth, rising unemployment, and eventually recession. ... In economics, hyperinflation is inflation that is out of control, a condition in which prices increase rapidly as a currency loses its value. ... An economic collapse is a devastating breakdown of a national, regional, or territorial economy. ...


Predictors of a recession

There are no totally reliable predictors. These are regarded to be possible predictors.[3]

  • Stock market drops have preceded the beginning of recessions. However about half of the drops of 10% or more since 1946 have not resulted in recessions.[4] Also, approximately half of the stock market decline came after the beginning of recessions.
  • Inverted yield curve,[5] the model developed by Fed economist Jonathan Wright, uses yields on 10-year and three-month Treasury securities as well as the Fed's overnight funds rate. Another model developed by Federal Reserve Bank of New York economists uses only the 10-year/three-month spread. It is, however, not a definite indicator;[6] it is sometimes followed by a recession 6 to 18 months later.
  • The three-month change in the unemployment rate and initial jobless claims.[7]
  • Index of Leading (Economic) Indicators (includes some of the above indicators).[8]

The US dollar yield curve as of 9 February 2005. ... The government determines the value of the index of leading economic indicators from the values of ten key variables. ...

United States NBER recession criteria

In the US, the judgment of the business-cycle dating committee of the National Bureau of Economic Research regarding the exact dating of recessions is generally accepted. The NBER has a more general framework for judging recessions: The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan research organization dedicated to studying the science and empirics of economics, especially the American economy. ...

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough.

Because of the way a recession is defined, the beginning (peak in the economic cycle) or end (trough) of a recession can only be identified after the change in the trend has been present for several months. An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ...


The 2001 recession was announced by the NBER in November 2001[9], which later turned out to be the trough. Thus the recession ended the month it was announced by the NBER. In July 1981 the NBER declared an end to a six-month recession from January to July 1980, the last year of Jimmy Carter's presidency. For the 1981-82 recession, which was during President Reagan's first term, the NBER announced the July 1981 peak in January 1983, and the November 1982 trough in July 1983.[10] For other persons named Jimmy Carter, see Jimmy Carter (disambiguation). ... Reagan, an Irish surname, may refer to: // Ronald Reagan, the 40th President of The United States Nancy Reagan, the wife of Ronald Reagan and influential First Lady Ron Reagan, President Reagans son and liberal journalist Michael Reagan, President Reagans son and conservative talk show host Maureen Reagan, President...


Economist Robert J. Gordon, a member of the NBER committee has stated that any announcement about the start of a new recession starting in 2008 is unlikely before the last few months of 2008 at the earliest[11].


Responding to a recession

Strategies for moving an economy out of a recession vary depending on which economic school the policymakers follow. While Keynesian economists may advocate deficit spending by the government to spark economic growth, supply-side economists may suggest tax cuts to promote business capital investment. laissez-faire economists may simply recommend the government remain "hands off" and not interfere with natural market forces. Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... This article or section does not cite its references or sources. ... Supply-side economics is a school of macroeconomic thought which emphasizes the importance of tax cuts and business incentives in encouraging economic growth, in the belief that businesses and individuals will use their tax savings to create new businesses and expand old businesses, which in turn will increase productivity, employment... Capital has a number of related meanings in economics, finance and accounting. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...


Both government and business have responses to recessions. In the Philadelphia Business Journal, Strategic Business adviser Carter Schelling has discussed precautions businesses take to prepare for looming recession, likening it to fire drill. First, he suggests that business owners gauge customers' ability to resist recession and redesign customer offerings accordingly. He goes on to suggest they use lean principles, replace unhappy workers with those more motivated, eager and highly competitive. Also over-communicate. "Companies," he says, "get better at what they do during bad times. He calls his program the "Recession Drill." [1]


Central bank response

Usually, central banks respond to recessions by easing monetary conditions, e.g. lowering interest rates. In the United States, the Federal Reserve has responded to potential slow downs by lowering the target Federal funds rate during recessions and other periods of lower growth. In fact, the Federal Reserve's lowering has even predated recent recessions[12]. The charts below show the impact on the S&P500 and short and long term interest rates. The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... The federal funds rate is the interest rate at which private depository institutions lend balances (federal funds) at the Federal Reserve to other depository institutions overnight. ... The S&P 500 is a list of 500 US corporations, ordered by market capitalization. ...

Siegel[13] points out that cuts in the Federal funds rate are now widely anticipated; thus, cuts are no longer followed by a longer-term rise in stock market indexes. The federal funds rate is the interest rate at which private depository institutions lend balances (federal funds) at the Federal Reserve to other depository institutions overnight. ...


The declining frequency of recessions in the past two decades and the reduction in declines in GDP suggest that the Federal Reserve has been successful in moderating contractions. However some critics argue that reducing the Federal funds rate has had the effect of adding too much liquidity to the financial markets. The federal funds rate is the interest rate at which private depository institutions lend balances (federal funds) at the Federal Reserve to other depository institutions overnight. ...


Stock market and recessions

Some recessions have been anticipated by stock market declines. In Stocks for the Long Run, Siegel mentions that since 1948, ten recessions were preceded by a stock market decline, by a lead time of 0 to 13 months (average 5.7 months). It should be noted that ten stock market declines of greater than 10% in the DJIA were not followed by a recession[14]. The Dow Jones Industrial Average (DJIA) is one of several stock market indices created by Wall Street Journal editor and Dow Jones & Company founder Charles Dow. ...


The real-estate market also usually weakens before a recession[15]. However real-estate declines can last much longer than recessions. Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. ... Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. ...


Since the business cycle is very hard to predict, Siegel argues that it is not possible to take advantage of economic cycles for timing investments. Even the NBER takes a few months to determine if a peak or trough has occurred[16].


During an economic decline, high yield stocks such as financial services, pharmaceuticals, and tobacco tend to hold up better[17]. However when the economy starts to recover and the bottom of the market has passed (sometimes identified on charts as a MACD crossover), growth stocks tend to recover faster. There is significant disagreement about how health care and utilities tend to recover[18]. Diversifying one's portfolio into international stocks may provide some safety; however, economies that are closely correlated with that of the U.S.A. may also be affected by a recession in the U.S.A.[19]. MACD, which stands for Moving Average Convergence / Divergence, is a technical analysis indicator created by Gerald Appel in the 1960s. ... Growth Stocks in finance, are stocks that appreciate in value and yield a high return on equity (ROE). ... For other uses, see United States (disambiguation) and US (disambiguation). ... For other uses, see United States (disambiguation) and US (disambiguation). ...


History of recessions in the United States

According to economists,[20] since 1854, the U.S.A. has encountered 32 cycles of expansions and contractions, with an average of 17 months of contraction and 38 months of expansion. However, they have been shorter and much less common in recent years. Since 1980, there have been only seven recessions (see charts to see how stocks did in these periods). The charts show the impact on stock market indices. For other uses, see United States (disambiguation) and US (disambiguation). ...

  • January-July 1980: 6 months chart (worst quarter GDP Growth -7.8% spreadsheet)
  • July 1981-November 1982: 16 months chart (worst quarter GDP Growth -6.4%)
  • July 1990-March 1991: 8 months chart (worst quarter GDP Growth -3.0%)
  • March 2001-November 2001: 8 months chart (worst quarter GDP Growth -1.4%)

During March 1991 to March 2001, the U.S.A. experienced the longest economic expansion - 120 months. For other uses, see United States (disambiguation) and US (disambiguation). ... An economic expansion is an increase in the level of economic activity, and of the goods and services available in the market place. ...


For the past four recessions, the NBER decision has approximately confirmed with the definition involving two consecutive quarters of decline. However the 2001 recession did not involve two consecutive quarters of decline, it was preceded by two quarters of alternating decline and weak growth.


Global recessions

There is no commonly accepted definition of a global recession.[21] The IMF estimates that global recessions seem to occur over a cycle lasting between 8 and 10 years. During what the IMF terms the past three global recessions of the last three decades, global per capita output growth was zero or negative.


Economists at the International Monetary Fund say that a global recession would take a slowdown in global growth to three percent or less. By this measure, three periods since 1985 qualify: 1990-1993, 1998 and 2001-2002.[22] International Monetary Fund has recently lowered its 2008 global growth projection from 4.9 percent to 4.1 percent (as measured in terms of purchasing power parity).[23] IMF redirects here. ... PPP of GDP for the countries of the world (2003). ...


There is significant speculation about a possible U.S.A. recession in 2008. If it happens, it is expected to have a global impact.[24][25][26] U.S. represents about 21 percent of the global economy. Impact of a U.S. recession can spread though the following:[27] For other uses, see United States (disambiguation) and US (disambiguation). ...

  • Less spending by American consumers and companies reduces demand for imports.
  • The crisis of the U.S. subprime-mortgage market has pushed up credit costs worldwide and forced European and Asian banks to write down billions of dollars in holdings.
  • Dropping U.S. stock prices drag down markets elsewhere.

Subprime lending (also known as B-paper, near-prime, or second chance lending) is lending at a higher rate than the prime rate. ...

Possibility of a 2008 recession

Further information: Economic crisis of 2008

Since 2007, there had been speculation of a possible recession starting in late 2007 or early 2008. The United States housing market correction (a consequence of United States housing bubble) and subprime mortgage crisis had significantly contributed to anticipation of a possible recession. The United States housing market correction is the market correction or bubble bursting of the United States housing bubble. ... Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... The subprime mortgage crisis is an ongoing problem manifesting itself through liquidity issues in the banking system which have become more prevalent due to foreclosures which accelerated in the United States in late 2006 and triggered a global financial crisis during 2007 and 2008. ...


While some economists were confident about a recession[28], others were not as easily convinced.[29] While some believed that the current slowdown would at best be a mild and brief recession,[30] there was always an anticipation that the economy may start recovering in the later part of 2008.[31]


The 2008 performance of the U.S. economy is difficult to predict due to the declining house prices and the subprime crisis, the full impact of which is still unclear.


U.S. employers shed 63,000 jobs in February 2008, the most in five years, supporting the view that the U.S. is falling into a recession. [32]. NBER's president, Harvard University economist Martin Feldstein, recently said on March 14, 2008 we are in a recession, though it was not an official NBER declaration[33]. He said the nation has entered a recession that could be the worst since World War II. The economists surveyed by Bloomberg News this month predicted the GDP growth will slow to 0.1 percent in January to March.


A TrimTabs report on April 1, 2008 suggested a possible ending of recession based on treasury withholding data in very near future[34].


Martin Feldstein, head of NBER said on March 7, 2007: I think that December/January was the peak and that we have been sliding into recession ever since then. I think it could go on longer last two recessions (which) lasted eight months peak to trough".[35]. However former Federal Reserve chairman Alan Greenspan said on April 6, 2008 that "There is more than a 50 percent chance the United States could go into recession." However Anatole Kaletsky has argued that recession unlikely if US economy gets through next two crucial months[36].


On April 29, 2008, several US states are declared by Moody’s to be in a recession, they are as follows: Rhode Island, Ohio, Michigan, Wisconsin, Florida, Tennessee, California, Nevada and Arizona. [37]


The US Economy grew in the first quarter by 0.9%, [38] meaning that the US does not meet the classical definition of a recession and the Commerce Department says the US is "stuck in a rut". However a number of economists still believe the economy is in a recession.[39][40]


Recession and politics

Generally an administration gets credit or blame for the state of economy during its time.[41] This has caused disagreements about when a recession actually started.[42] In an economic cycle, a downturn can be considered a consequence of an expansion reaching an unsustainable state, and is corrected by a brief decline. Thus it is not easy to isolate the causes of specific phases of the cycle.


The 1981 recession is thought to have been caused by the tight-money policy adopted by Paul Volcker, chairman of the Federal Reserve Board, before Ronald Reagan took office. Reagan supported that policy. Economist Walter Heller, chairman of the Council of Economic Advisers in the 1960s, said that "I call it a Reagan-Volcker-Carter recession.[43] The resulting taming of inflation, did, however, set the stage for a robust growth period during Reagan's administration. Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve (The Fed) under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ... Reagan redirects here. ... Walter Wolfgang Heller (1915-1987) was a leading American economist of the 1960s, and an influential advisor to John F. Kennedy as chairman of the Council of Economic Advisors, 1961-64. ... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ...


Causes of recessions

Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... A currency crisis (also known as a financial crisis) occurs when the value of a currency changes quickly, undermining its ability to serve as a medium of exchange or a store of value. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ...

Effects of recessions

CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owners failure to comply with an agreement between the lender and borrower called a mortgage or deed of trust. ... Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ... Deflation (economics) Deflation (data compression) Deflation is the removal of loose soil by eolian (wind) processes This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...

See also

  • List of recessions in the United States - A list of important recessions in the United States
  • Great Depression - August 1929 to March 1933: longest recession of the 20th century
  • Age wave theory - Consequence of baby boomers retiring
  • Oil crisis - Global oil crises
  • Remission, the equivalent in medicine

For other uses, see The Great Depression (disambiguation). ... A baby boom is defined as a period of increased birth rates relative to surrounding generations. ... Oil crisis may refer to: 1973 oil crisis 1979 energy crisis 1990 spike in the price of oil Oil price increases of 2004 and 2005 Hubbert peak theory Energy crisis This is a disambiguation page: a list of articles associated with the same title. ... Remission is the state of absence of disease activity in patients with known chronic illness. ...

Notes

References

  1. ^ The long hangover. Retrieved on 12062008.
  2. ^ Recession? Depression? What's the difference between a recession and a depression?.
  3. ^ A Estrella, FS Mishkin. Predicting U.S. Recessions: Financial Variables as Leading Indicators. MIT Press.
  4. ^ Jeremy Siegel, Stocks for the Long Run
  5. ^ http://online.wsj.com/article/SB116821099838669658.html?mod=mostpop Grading Bonds on Inverted Curve By Michael Hudson
  6. ^ http://www.ny.frb.org/research/epr/forthcoming/0801rose.html Signal or Noise? Implications of the Term Premium for Recession Forecasting
  7. ^ http://blogs.wsj.com/economics/2008/01/28/labor-model-predicts-lower-recession-odds/ Labor Model Predicts Lower Recession Odds
  8. ^ http://seekingalpha.com/article/60871-leading-economic-indicators-suggest-u-s-in-recession Leading Economic Indicators Suggest U.S. In Recession, January 21, 2008
  9. ^ http://www.nber.org/feldstein/bg120401.html From Recession to Recovery
  10. ^ http://www.nationalreview.com/nrof_comment/comment-kaza072403.asp The Umpire Made the Right Call-The recession ended 20 months ago. Period, Greg Kaza, July 24, 2003
  11. ^ http://www.nytimes.com/2008/03/08/business/08recession.html?bl&ex=1205125200&en=bff38e35cdd49324&ei=5087%0A Seeing an End to the Good Times (Such as They Were), DAVID LEONHARDT, March 8, 2008 chart
  12. ^ http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html Historical Changes of the Target Federal Funds and Discount Rates
  13. ^ Stocks for the Long Run, J. Siegel, 2002
  14. ^ Siegel, Jeremy J. (2002). Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies, 3rd, New York: McGraw-Hill, 388. ISBN 9780071370486
  15. ^ http://www.ciovaccocapital.com/sys-tmpl/investingeconomicslowdown/ Housing Has A Strong Correlation To Stocks Chris Ciovacco, September 19, 2006
  16. ^ http://www.washingtonpost.com/wp-dyn/content/article/2007/12/10/AR2007121001589.html Recession Predictions and Investment Decisions by Allan Sloan, December 11, 2007
  17. ^ http://money.cnn.com/2008/02/05/news/economy/recession_invest.fortune/index.htm?postversion=2008020603 Recession? Where to put your money now, Shawn Tully, February 6 2008
  18. ^ http://www.forbes.com/2008/01/28/ibm-hpq-recession-pf-ii_jl_0128money_inl.html Rethinking Recession-Proof Stocks Joshua Lipton 01.28.08
  19. ^ http://seekingalpha.com/article/60656-recession-stock-picks-from-morgan-stanley-s-douglas-cohen Recession Stock Picks From Morgan Stanley's Douglas Cohen, January 18, 2008
  20. ^ Business Cycle Expansions and Contractions
  21. ^ http://www.imf.org/external/np/vc/2002/040502.htm The Recession that Almost Was, Kenneth Rogoff, International Monetary Fund, Financial Times, April 5, 2002
  22. ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=arlKrFbn3pfY&refer=home Global Recession Risk Grows as U.S. `Damage' Spreads
  23. ^ http://www.mydesert.com/apps/pbcs.dll/article?AID=/20080224/COLUMNS03/802240303/1003/business World affected by U.S. economy
  24. ^ http://money.cnn.com/2008/01/21/news/economy/recession_global_dimensions.fortune/index.htm?postversion=2008012213 A recession of global dimensions?January 22 2008
  25. ^ http://www.forbes.com/afxnewslimited/feeds/afx/2007/08/24/afx4050712.htmlMarkets indicating 20 percent chance of global recession in 2008 - UBS 08.24.07
  26. ^ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3352594.ece IMF chief warns of worldwide impact of American slowdown, February 12, 2008
  27. ^ Bloomberg.com: Worldwide
  28. ^ http://recession.org/library/articles/34-articles/51-where-is-the-economy-going Fifteen key economists, policymakers and strategists weigh in on a week of volatility and economic turmoil.
  29. ^ http://www.thestreet.com/s/eight-reasons-there-wont-be-a-recession/newsanalysis/investing/10405444.html?puc=googlefi Eight Reasons There Won't Be a Recession, 02/28/08
  30. ^ http://www.forbes.com/markets/feeds/afx/2008/02/21/afx4682807.html Global Insight believes U.S. in early stage of 'mild and short recession' 02.21.08
  31. ^ http://daily.stanford.edu/article/2008/2/27/profsExamineEconomicDecline Profs. examine economic decline, February 27, 2008
  32. ^ http://online.wsj.com/article/SB120489597965119543.html?mod=hpp_us_whats_news Jobs Data Suggest U.S. Is in Recession, By SUDEEP REDDY, March 8, 2008, chart
  33. ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=ag0t9NpkLkz0&refer=home Harvard's Feldstein Says U.S. Economy in a Recession, March 14
  34. ^ http://www.marketwatch.com/news/story/trimtabs-says-economy-added-jobs/story.aspx?guid=%7B77FAFE81%2D4F3B%2D4C36%2DB0A5%2D88F6D9641CBE%7D TrimTabs says it's a recession, but may be ending, Mark Hulbert, MarketWatch, April 1, 2008
  35. ^ http://www.reuters.com/article/bondsNews/idUSN0747602120080407 UPDATE 1-NBER's Feldstein says U.S. sliding into recession
  36. ^ http://business.timesonline.co.uk/tol/business/columnists/article3694545.ece?openComment=true Recession unlikely if US economy gets through next two crucial months
  37. ^ Peoples, Steve. "Analysts say R.I. economy in recession", Providence Journal, 29 April 2008. Retrieved on 2008-04-30. (English) 
  38. ^ http://www.clevelandfed.org/research//trends/2008/0608/01ecoact.cfm,
  39. ^ AVERSA, JEANNINE. "Economy grows by only 0.6 percent in first quarter", Economics, AP, 30 April 2008. Retrieved on 2008-04-30. (English) 
  40. ^ AVERSA, JEANNINE. "Economy grows by only 0.6 percent in first quarter", Economics, AP, 30 April 2008. Retrieved on 2008-04-30. (English) 
  41. ^ http://news.bbc.co.uk/1/hi/business/7215351.stm Economy puts Republicans at risk, 29 January 2008
  42. ^ budget.senate.gov/democratic/press/2003/fs_bushrecession073103.pdf THE BUSH RECESSION, PREPARED BY: DEMOCRATIC STAFF, SENATE BUDGET COMMITTEE,July 31, 2003
  43. ^ http://www.time.com/time/magazine/article/0,9171,922689-2,00.html Ready for a Real Downer, Monday, Nov. 23, 1981 By GEORGE J. CHURCH

2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ... is the 120th day of the year (121st in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ... is the 120th day of the year (121st in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ... is the 120th day of the year (121st in leap years) in the Gregorian calendar. ...

External links


  Results from FactBites:
 
Despite Recession, Black Child Poverty Plunges to All-Time Historic Low (2240 words)
The failure of child poverty to rise during a recession is highly unusual.
During the 2001 recession, this long-standing pattern was reversed; poverty among non-Hispanic white children increased (from 9.1 percent to 9.5 percent) while poverty among fl and Hispanic children actually fell.
In all recessions since the beginning of the War on Poverty in the mid-1960s, child poverty has increased sharply; but in the recession of 2001, child poverty did not rise at all.
The Gum Recession Project (524 words)
However, recession may occur on any of the teeth, and on either the lip/cheek side of the teeth or the tongue side or roof-of-the mouth side of the teeth.
This type of recession is usually related to the patient being pre-disposed towards recession due to the gums being thin and fragile.
Another type of recession is seen by patients who have gum disease that is a bacterial infection resulting from the bacteria that are normally in the mouth.
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