A pale recession is a term describing a recession that does not have much impact on the economy. Former Federal Reserve Chairman Alan Greenspan coined this term in a 2008 television interview. At the time, unemployment had not declined as much as expected during the recession, prompting him to comment on the fortitude of the imposition on the economy. A pale recession is generally better than a strong recession, though some analysts might argue that when a recession seems pale, it is just not hit its full stride yet. In other words, a pale recession may be a sign that a recession is only just getting started.


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