A recession is loosely defined as a period of two or more financial quarters where the Gross Domestic Product declines. It is truly difficult to measure; difficult to determine when a recession starts, and difficult to determine when it ends. Until 1929, all recessions were generally known as depressions. By contrast, depressions are now measured by the Great Depression starting in 1929 when unemployment reached 25% and wages fell by as much as 42%.
Some define a depression is a sustained recessionary period in which the population is forced to dispose of tangible assets to fund every day living. So, ... sell anything on eBay lately? Check it out, people are shedding their possessions by the boatloads to raise cash to pay bills.