By Jennifer Barnes, Founder & CEO
A recession can have a strong impact on businesses, and some industries are more affected than others, but every business is affected in some way. When the nation is in a recession, people generally spend less overall, which means there is less money coming into local businesses.
The seriousness of the impact depends on the industry and the length of the recession. During a recession, people are less likely to spend money on things they consider luxuries, so these industries will be affected more seriously. One of the first industries hit is hardware wholesalers, for example.
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