Since the Great Depression, the U.S. economy has fallen into recession 12 times, according to economists at the National Bureau of Economic Research who establish dates for business cycles.After 10 of those recessions ended, the economy continued to grow for at least three years. The periods of growth between recessions are called recoveries. But strictly speaking, economists say a recovery lasts until the economy returns to where it was when the recession started. Once it does, it becomes an “expansion.”Here’s a list of postwar recessions and recoveries/expansions:Recessions Recoveries/expansionsFebruary 1945 through October 1945—eight months October 1945 through November 1948—37 monthsNovember 1948 through October 1949—11 months October 1949 through July 1953—45 monthsJuly 1953 through May 1954—10 months May 1954 through August 1957—39 monthsAugust 1957 through April 1958—eight months April 1958 through April 1960—24 monthsApril 1960 through February 1961—10 months February 1961 through December 1969—106 monthsDecember 1969 through November 1970—11 months November 1970 through November 1973—36 monthsNovember 1973 through March 1975—16 months March 1975 through January 1980—58 monthsJanuary 1980 through July 1980—six months July 1980 through July 1981—12 monthsJuly 1981 through November 1982—16 months November 1982 through July 1990—92 monthsJuly 1990 through March 1991—eight months March 1991 through March 2001—120 monthsMarch 2001 through November 2001 —eight months November 2001 through December 2007—73 monthsDecember 2007 through June 2009—18 months June 2009 through August 2012—38 months so far