Saturday, August 1, 2009

Recession and Business Cycle Dates

The official beginnng and ending dates for past recessions are shown at the link to the National Bureau of Economic Research's site. Wondering what a recession is? According to the NBER, the official arbiter of when recessions begin and end,

"A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion."