What causes the 17-month average duration of US recessions?

Almost everyone fears recessions, which are characterized by slow economic development that can persist for several months or even years. They are inherent to the life cycle of any economy. In most cases, an economy is considered to be in recession where it has experienced two consecutive quarters of negative growth. An economy's growth is usually measured by its Gross Domestic Product (GDP).

The United States has gone through dozens of recessions in its history, ranging in duration from 65 to just two months. Based on data from the National Bureau of Economic Research, recessions in the United States typically last 17 months.

The longest recession in US history lasted an incredible 65 months, from October 1873 to March 1879. In recent history, the Great Depression of 1929 saw the longest and most severe recession, lasting 43 months.