It seems like economists have been predicting a recession for a while now. Forecasters continue to place odds on different probabilities for an economic downturn in the next 12 months.

Whether or not a recession happens, it is important to note what occurs during one to be prepared. From a potential loss of jobs to low production of goods and services, many aspects of the economy are impacted by a recession.

Here is what happens in a recession, what a recession is, and predictions on whether a recession is coming.

What happens in a recession?

During a recession, the economy shrinks because of pullbacks in economic activity, especially consumer spending and business investment. Companies lay off workers and slow hiring, unemployment rises and wage growth stalls.

A mild recession could cost the economy almost 2 million jobs, and a severe recession up to 3 million to 4 million jobs.

GDP growth tends to shrink during recessions because there's less consumer demand and fewer employees, leading to lower production of goods and services. Housing prices also may decrease.

When was the last recession? Here's a brief history of recent downturns

What is a recession?

A recession is a contraction in economic activity, or in simpler terms, what happens when the economy shrinks.

During a recession, there is a significant decline in economic activity across the board. This could last anywhere from a few months to several years.

When determining if a recession has occurred, a variety of factors are considered including GDP, employment, consumer spending, retail sales and industrial production.

Is a recession coming?

Though economists have been forecasting a recession for a while, for the time being, it is likely we aren't in one. Not even the best economists can predict with full certainty when the next recession will begin.

However some believe we can expect a recession to begin later than initially predicted.

Fifty-four percent of economists at companies and trade groups predict the chances of a downturn in the next 12 months is 50% or less. Meanwhile, 44% percent believe there is a "better than even chance of a slump," according to a survey conducted April 4-12 by the National Association of Business Economics.

Are there recession proof jobs? These occupations tend to be least impacted

Contributing: Paul Davidson

This article originally appeared on USA TODAY: What happens in a recession? Here is what it is and what is impacted.