In such cases, of which the 1987 crash is one example, the stock market turned down sharply but no recession followed.

In twenty-nine of the 113 cases, a recession followed the financial turmoil.

The most recent recession, in 1990-91, followed that path: unemployment didn't drop again until the second half of 1992.

A second energy crisis and a renewed recession followed in 1979-1982.

But recessions followed quickly after reversals in 1959, 1969, 1973 and 2000.

One of the four times that a recession did not follow was in 1966, when the index fell for nine consecutive months.

A bad recession, or even a severe panic, would follow.

If the war drags on for months, recession could well follow.

Then another recession followed, resulting in a long period of decline that lasted well into the 19th century.

A recession followed, or was under way, every time.