Us economic recessions dating

by  |  11-Nov-2019 02:00

The history of recessions in the United States since the Great Depression show they are a natural, though painful, part of the business cycle.

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However, the NBER defines a recession in a different way (as discussed on their website): The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP.

Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Whereas the NBER business cycle dates are based on a subjective assessment of a variety of indicators, the dates here are entirely mechanical and are calculated solely from historically reported GDP data.

recessions based on a mathematical model of the way that recessions differ from expansions.

The Bureau of Economic Analysis measures recessions using gross domestic product.

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