Recession?

This has been the most popular word nowadays, ive kept on askin my friend what is this, but seems she did not explained it clearly,hence heres an economic view of what this word means:

Recessions = this is the term for "a period of reduced economic activity"; a significant decline in the economic activity spread across the economy, lasting more than a few months, normaly visible in real GDP growth, real personal income, employement, industrial production and wholesale retail sales.

hmmmm, sounds serious? well definitely it is, because nearly 2000 people have been declared unemployed somewhere in Laguna due to closure of Intel company.,this is because of recession.