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The chronology identifies the dates of peak and trough months in economic activity. The peak is the month in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity. Similarly, a month is designated as a trough when economic activity reaches a low point and begins to rise again for a sustained period. A: The NBER's traditional definition of a recession is that it is a significant decline in economic activity that is spread across the economy and that lasts more than a few months.
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Business Cycle Dating Procedure: Frequently Asked Questions | NBER
The committee has determined that a peak in monthly economic activity occurred in the US economy in February The peak marks the end of the expansion that began in June and the beginning of a recession. The expansion lasted months, the longest in the history of US business cycles dating back to The previous record was held by the business expansion that lasted for months from March to March This report is also available as a pdf. The committee also determined that a peak in quarterly economic activity occurred in Q4. Note that the monthly peak February occurred in a different quarter Q1 than the quarterly peak.
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The committee has determined that a trough in monthly economic activity occurred in the US economy in April The previous peak in economic activity occurred in February The recession lasted two months, which makes it the shortest US recession on record. The NBER chronology does not identify the precise moment that the economy entered a recession or expansion. Because the most recent trough was in April , the last month of the recession was April , and May was the first month of the subsequent expansion.
Unemployment rate. NBER-dated recessions in gray. US Business Cycle Dates. Business Cycle Dating Committee Announcements.