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" The NBER's seven-member Business Cycle Dating Committee examines monthly economic indicators that provide a good industry-wide economic perspective to date business cycles.They use monthly economic indicators (such as employment, real personal income, manufacturing sales, and industrial production), rather than quarterly real Gross Domestic Product (GDP).
”The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that’s where we’ll continue to focus.” Many economists believe the current downturn will last until the middle of 2009, and will be the most severe slump since the 1981-82 recession.
By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters.
Recessions are periods when the economy is shrinking or contracting.
A monthly indicator that moves with the economy The National Bureau of Economic Research (NBER) has designated nine business cycles over the years from 1945 to 1991.
In a news release, the NBER said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.
Founded in 1920, the NBER has more than 1,000 university professors and researchers who act as bureau associates, studying how the economy works The NBER decision means that the economic expansion lasted from November 2001 until December 2007.Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.The NBER's researchers have selected turning points for over 30 business cycles, beginning in the mid-1800s.Note that the series typically climbs during expansion periods (between the trough and the peak of the business cycle) and falls during recessions (the shaded areas between the peak and the trough).How does the NBER determine business cycle turning points?However, the NBER’s dating committee uses broader and more precise measures.Tags: Adult Dating, affair dating, sex dating