A pale recession is a term describing a recession that does not have much impact on an economy.
How Does a Pale Recession Work?
Former Federal Reserve Chairman Alan Greenspan coined this term in a 2008 television interview. At the time, unemployment had not declined as much as expected during the recession, prompting him to comment on the fortitude of the imposition on the economy.
Why Does a Pale Recession Matter?
A pale recession is generally better than a strong recession, though some analysts might argue that when a recession seems pale, it's just not hit its full stride yet. In other words, a pale recession may be a sign that a recession is only just getting started.