For those people who wonder what a recession is. Here is a simple explanation that I found which explains it clearly.

Recession is the economy shrinking for two consecutive quarters (=6 months) with a decrease in the GDP (=Gross Domestic Product).
GDP = Value of all the reported goods and services produced by the people operating in the country.

(GDP = MONEY VALUE OF {C + I + G + (X – M)}
C = Consumables, I = Gross Investments, G = Government Spending, X = Exports, M = Imports )

GDP is a good indicator of economy; Other indicators could be;
-Unemployment Rate
-Consumption Rate
-Actual Personal Income
-Etc..
If GDP is growing, then market is growing due to increased demand;

There is a joke that economists quote to explain the Difference between “Recession & Depression”.
RECESSION = WHEN YOUR NEIGHBOR LOSES HIS JOB
DEPRESSION = WHEN YOU LOSE YOUR JOB

Here is a diagram from Howstuffworks of a declining market economy and how we get into a recession.

Declining Market Economy