During economic downturns, businesses face many difficult decisions to save money, such as lowering operational expenses. Unfortunately, companies usually cut workplace safety budgets or reduce investment in new safety technology or equipment. In addition, employee layoffs could lead to a decreased emphasis on safety procedures or training. (Credit: rathchapon/Adobe Stock) During economic downturns, businesses face many difficult decisions to save money, such as lowering operational expenses. Unfortunately, companies usually cut workplace safety budgets or reduce investment in new safety technology or equipment. In addition, employee layoffs could lead to a decreased emphasis on safety procedures or training. (Credit: rathchapon/Adobe Stock)

An economic recession is a widespread and prolonged downturn in economic activity. Economists use many factors to define when a country's economy is in a recession, including two consecutive quarters of a negative GDP, industrial production and nonfarm payrolls. Even with more robust than predicted economic indicators in the U.S. at the end of 2022, the large amount of layoffs in the tech sector has increased fears of an economic slowdown.

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