when did the last recession happen?
This recession lasted ten months (July 1953 - May 1954). It resulted from the demobilization after the Korean War. Unemployment didn't reach its peak of 6.1 percent until September 1954, four months after the recession ended. GDP contracted 2.2 percent in Q3, 5.9 percent in Q4, and 1.8 percent in Q1 1954.