Business cycle dating committee national bureau economic research

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(October 25,1979) Bulletin on Retirement and Disability Bulletin on Health including Archive of Lists of Affiliates' Work in Medical and Other Journals with Pre-Publication Restrictions Archives of Bulletin on Aging and Health Digest — Non-technical summaries of 4-8 working papers per month Reporter — News about the Bureau and its activities.CAMBRIDGE September 20, 2010 - The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion.A recession is a period of falling 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.The trough marks the end of the declining phase and the start of the rising phase of the business cycle.

In two previous cases, 19, business cycle troughs in NBER's chronology also occurred one quarter later than the low point for real GNP.These included real gross national product and retail sales adjusted for price increases.At the same time, industrial production, employment and unemployment remained stable.Reaffirming its earlier identification of January 1980 as the prior peak in business activity, the committee observed that the six months between the peak and the trough make the recession of 1980 the shortest recorded since the beginning of the NBER's business cycle chronology in 1854.The 1980 recession was also the first recession since World War II in which real GNP contracted for only a single quarter.

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