Nber business cycle dating
The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research (NBER), a private non-profit research organization that focuses on understanding the U. Therefore, while negative GDP growth and recessions closely track each other, the consideration by the NBER of the monthly indicators, especially employment, means that the identification of a recession with two consecutive quarters of negative GDP growth does not always hold.
For information on recession, or business-cycle, dating, see: | We won't be able to contact you if it is incorrect. | This helps stop malicious programs from using this site to generate SPAM email.
recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.
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".
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No recession of the post-World War II era has come anywhere near the depth of the Great Depression, which lasted from 1929 until 1941 and was caused by the 1929 crash of the stock market and other factors.
This time series is an interpretation of US Business Cycle Expansions and Contractions data provided by The National Bureau of Economic Research (NBER) at
The dummy variable adopts an arbitrary convention that the turning point occurred at a specific date within the period.
The arbitrary convention does not reflect any judgment on this issue by the NBER's Business Cycle Dating Committee.