July 1890 – May 1891 · 10 months Business activity: −22.1% Although shorter than the recession in 1887–1888 and still modest, a slowdown in 1890–1891 was somewhat more pronounced than the preceding recession. International monetary disturbances are blamed for this recession, such as the Panic of 1890 in the United Kingdom. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link