Now, we are looking at a series of economic figures that are the worst since the early 1990s recession, the worst since the early 80s, and even the early 70s.
Over the same stretch of time following the early 1990s recession, incomes had recovered by 8%.
This was just before economic growth started to slow, culminating in the early 2001 recession.
Post-industrial Britain could withstand the factory's closure better than the country laid waste by the early 1980s recession.
Confidence was still down, probably as an artifact of the early 1990s recession.
The last time consumers stopped splurging, during the early 1990s recession, they sat on their wallets for just two consecutive quarters.
It doesn't have scope to grow as quickly as it did in the wake of the early 1990s recession, when real GDP routinely grew by more than 3% year-on-year.
Likewise, the leading economic indicator series that I mentioned earlier was actually pointing to recession early in 2008.
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The country's central bank has said Germany may even come close to recession early in the new year.
Continuing weak economic growth has raised concerns of a triple-dip recession early this year, extending a recessionary period that began in 2008.
Like Mr Obama, Mr Reagan endured a savage recession early in his first term that crushed his approval ratings and cost his party seats in the mid-terms.
On the economic front, New Orleans was largely insulated from the early months of recession by the piles of federal cash that had been funnelled into rebuilding.
If we ignore a few auto and financial companies who managed their financial problems by running to Uncle Sugar for a bailout, most companies early in the recession were doing much more than just freezing pay.
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When stock prices imploded during the recent recession, more than a few corporate leaders, in their panic to explain dramatic losses to shareholders (particularly while it was still early in the recession cycle), found the opportunity to suddenly and publicly question other officers for minute or nonexistent infractions.
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For instance, a fund with an attractive Sharpe ratio over the past 10 years would have managed to bring in returns to compensate investors for the risk it took through the recession of the early 2000s, the subsequent boom years, the recession that started in 2008 and the volatility of last year.
The company struggled during the early part of the recession with declining stock prices and profitability.
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Now, I was living in Britain when there were the sort of early rumors of a recession in Britain under Tony Blair.
An expiration of the Bush fiscal package, on the other side, can push the US economy into a recession in early 2013, an ugly prospect for Wall Street.
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The employment numbers look better than they really are because of the aggressive layoffs in the early part of this recession and the reluctance of American business to rehire workers.
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The euro area may have managed to dodge recession in early 2012 (when output remained flat after declining by 0.3% in late 2011), but GDP seems to have slipped back in the second quarter.
It's too early to tell whether this recession has crimped the birth rate, Haub said.
And Arizona recovered from the recession of the early 1990s more quickly than its neighbours.
And it could possibly be worse than the 16-month recession of the early 1980s.
Take Nokia, the most talked-about success story to emerge from the recession of the early 1990s.
But Europe may be facing its worst recession since the early 1990s before the euro existed.
The success of the independent sector has also been helped, ironically, by the recession of the early 1990s.
In much of the United States, but not in Wisconsin, caseloads rocketed in the recession of the early 1990s.
The ratio of debt to profits in the corporate sector is now higher than in the recession of the early 1990s.
"We are in the throes of the worst recession since the early 1980s, " said Kevin Flanagan of Morgan Stanley in New York.
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