THE American recession is officially over. This isn't a surprise. The official end- date, according to the National Bureau of Economic Research. Business Cycle Dating Committee, National Bureau of Economic Research Expansion is the normal state of the economy; most recessions are brief . for each quarter are consistent with the Commerce Department's official. trending up, we continue to await official word. Recession Dating Methods. Recessions are defined by the NBER's committee as a decline in economic activity.
June Despite boasts during the boom years of the late s about taming business cycle downturns, the U.
This recession ended a ten-year period of expansion in the national economy, the longest expansion in U. Official business cycle dates—the peaks and troughs in the economy that define recessions and expansions—in the U.
A private, nonprofit, nonpartisan research organization founded inthe NBER is dedicated to understanding how the economy works.
List of recessions in the United States - Wikipedia
Today it has over university professors and researchers who conduct empirical research on the economy as Bureau associates. The committee is comprised of a small group of leading business cycle experts.
This group reviews a variety of economic statistics and indicators of U. A list of U.
Euro Area Business Cycle Dating Committee
Official Recessions and Expansions The NBER web site describes a recession and the types of economy-wide economic data used to identify a recession in the U. A recession is a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail trade. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough.
Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
Because a recession influences the economy broadly and is not confined to one sector, the committee emphasizes economy-wide measures of economic activity.
Euro Area Business Cycle Dating Committee | Centre for Economic Policy Research
The traditional role of the committee is to maintain a monthly chronology, so the committee refers almost exclusively to monthly indicators. Trade was disrupted by pirates, leading to the First Barbary War. Along with trade restrictions imposed by the British, shipping-related industries were hard hit. The Federalists fought the embargo and allowed smuggling to take place in New England.
Trade volumes, commodity prices and securities prices all began to fall.
Macon's Bill Number 2 ended the embargoes in Mayand a recovery started. The decline was brief primarily because the United States soon increased production to fight the War ofwhich began June 18, Many businesses failed, unemployment rose and an increase in imports worsened the trade balance.
The recession coincided with a major panic, the date of which may be more easily determined than general cycle changes associated with other recessions.
Trade declined, just as credit became tight for manufacturers in New England. News accounts of the time confirm the slowdown.
The subsequent expansion was driven by land speculation.