The official dating of recessions is done by
Macon's Bill Number 2 ended the embargoes in May 1810, and a recovery started.
The United States entered a brief recession at the beginning of 1812.
The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales".
In the 19th century, recessions frequently coincided with financial crises.
The panic that was largely solved by providing banks the necessary funds to make open market purchases.
Just as a land speculation bubble was bursting, deflation from the Bank of England (which was facing insolvency because of the cost of Great Britain's involvement in the French Revolutionary Wars) crossed to North America and disrupted commercial and real estate markets in the United States and the Caribbean, and caused a major financial panic.
Shortly after the war ended on March 23, 1815, the United States entered a period of financial panic as bank notes rapidly depreciated because of inflation following the war.The recession coincided with a major panic, the date of which may be more easily determined than general cycle changes associated with other recessions.In 1826, England forbade the United States to trade with English colonies, and in 1827, the United States adopted a counter-prohibition.A boom of war-time activity led to a decline after the Peace of Amiens ended the war between the United Kingdom and France. Trade was disrupted by pirates, leading to the First Barbary War.The Embargo Act of 1807 was passed by the United States Congress under President Thomas Jefferson as tensions increased with the United Kingdom.