Welcome to Banning. California. The City of Banning is strategically located astride Interstate 10 in the San Gorgonio Pass. The City, incorporated in 1913, has a rich and colorful history. Initially, Banning served as a stagecoach and railroad stop between the Arizona territories and Los Angeles.
A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters. A recession is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market.
Economy in a Recession. - Actual output is less than potential output and short-run output is negative. - A recession is declared to be over when short-run output starts to rise and become less negative, before output returns to potential. - Output typically falls below potential for 2 years, resulting in a loss of about $3,000 per person.