Last Recession in the US was a period of economic decline experienced between December 2007 and June 2009. This recession, commonly referred to as the Great Recession, was caused by a combination of factors including rising unemployment, decreased consumer spending and investment, a decrease in housing prices, and financial market uncertainty. During this time, many businesses suffered due to tightening credit markets and waning consumer demand. The official business definition for the Great Recession is “a severe global economic downturn that lasted from 2007 until 2009” and affected both developed and developing countries around the world.