Recessions are more common in U.S. history than depressions. The U.S. has experienced numerous recessions since the Great Depression, which occurred in the 1930s and is considered a severe and prolonged economic downturn. While the National Bureau of Economic Research (NBER) identifies several recessions, only a few, including the Great Depression, have reached the level of a depression. Overall, recessions tend to be more frequent and less severe compared to depressions.
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