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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.

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.

During that same time the Panic of 1792 took place.