A value of 1 is a recessionary period, while a value of 0 is an expansionary period.
For this time series, the recession begins the first day of the period following a peak and ends on the last day of the period of the trough.
Our time series is composed of dummy variables that represent periods of expansion and recession.
The NBER identifies months and quarters of turning points without designating a date within the period that turning points occurred.
Major modern economic statistics, such as unemployment and GDP, were not compiled on a regular and standardized basis until after World War II.
The average duration of the 11 recessions between 19 is 10 months, compared to 18 months for recessions between 19, and 22 months for recessions from 1854 to 1919.
The NBER's current President and CEO is Professor James M. The NBER is currently located in Cambridge, Massachusetts with a branch office in New York City.
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".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.In general usage, the word recession connotes a marked slippage in economic activity.While gross domestic product (GDP) is the broadest measure of economic activity, the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation. The NBER recession is a monthly concept that takes account of a number of monthly indicators—such as employment, personal income, and industrial production—as well as quarterly GDP growth.The dummy variable adopts an arbitrary convention that the turning point occurred at a specific date within the period.