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.
Definition: An economic depression is a severe downturn that lasts several years. Fortunately, the U.S. economy has only experienced one economic depression. That's the Great Depression of 1929. It lasted ten years. The decline in the GDP growth rates were of a magnitude not seen since: 1930 -8.6 percent; 1931 -6.5 percent; 1932 -13.1 percent