Great Recession

American  

[greyt ri-sesh-uhn] / ˈgreɪt rɪˈsɛʃ ən /

noun

1. the period of economic contraction in the United States and other countries from December 2007 to June 2009 following the collapse of a housing bubble that precipitated a subprime mortgage crisis and subsequent systemwide turmoil in the investment banking sector.

---

Example Sentences

We know the government needs to support the economy during periods like the Great Recession and COVID, but then it needs to run some surpluses when times are good.

From MarketWatch • Apr. 28, 2026

As Sevens Report Tom Essaye notes, the University of Michigan Consumer Sentiment hit an all-time low External link this month—lower than it was during crises like 9/11, the Great Recession, and the pandemic.

From Barron's • Apr. 22, 2026

Starter homes that young families can more easily afford, which made up about 30% of the housing market before the Great Recession, now represent only 20% of the market.

From The Wall Street Journal • Apr. 21, 2026

Since the Great Recession, the growth has largely come from U.S. births, and the median age of U.S.-born Latinos is about 21.

From Los Angeles Times • Apr. 11, 2026

The Great Recession was now entering its third decade, and unemployment was still at a record high.

From "Ready Player One: A Novel" by Ernest Cline