Part 4/10:
Economic recessions are not uncommon in U.S. history, with occurrences dating back to the 1940s. The duration of downturns has varied significantly, ranging from two months at the shortest to over a year and a half. On average, downturns persist for around ten months, during which the repercussions on employment and wage growth become profound. Companies, in anticipation of reduced profits, often resort to cost-cutting measures, leading to loss of jobs and wage stagnation.