Economists are warning the U.S. might be headed toward a recession after the stock market plunged into bear market territory this week and inflation hit a 40-year high last month. A recession is defined as a significant decline in economic activity across the economy, usually for more than a few months. A recession stretches from the time the economy hits its apex to when it bottoms out, with the path from "trough" to "peak" called an expansion, or a normal state of the economy. The U.S. has experienced 13 serious recessions in the past 75 years and the average recession in that period lasted 11 months, according to the Congressional Research Service and Bureau of Economic Analysis.
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