NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

US Business Cycle Expansions and Contractions



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Contractions (recessions) start at the peak of a business cycle and end at the trough.
Please also see:
BUSINESS CYCLE
REFERENCE DATES
DURATION IN MONTHS
Peak Trough Contraction Expansion Cycle
Quarterly dates
are in parentheses
Peak
to
Trough
Previous trough
to
this peak
Trough from
Previous
Trough
Peak from
Previous
Peak

June 1857(II)
October 1860(III)
April 1865(I)
June 1869(II)
October 1873(III)
March 1882(I)
March 1887(II)
July 1890(III)
January 1893(I)
December 1895(IV)
June 1899(III)
September 1902(IV)
May 1907(II)
January 1910(I)
January 1913(I)
August 1918(III)
January 1920(I)
May 1923(II)
October 1926(III)
August 1929(III)
May 1937(II)
February 1945(I)
November 1948(IV)
July 1953(II)
August 1957(III)
April 1960(II)
December 1969(IV)
November 1973(IV)
January 1980(I)
July 1981(III)
July 1990(III)
March 2001(I)
December 2007 (IV)
December 1854 (IV)
December 1858 (IV)
June 1861 (III)
December 1867 (I)
December 1870 (IV)
March 1879 (I)
May 1885 (II)
April 1888 (I)
May 1891 (II)
June 1894 (II)
June 1897 (II)
December 1900 (IV)
August 1904 (III)
June 1908 (II)
January 1912 (IV)
December 1914 (IV)
March 1919 (I)
July 1921 (III)
July 1924 (III)
November 1927 (IV)
March 1933 (I)
June 1938 (II)
October 1945 (IV)
October 1949 (IV)
May 1954 (II)
April 1958 (II)
February 1961 (I)
November 1970 (IV)
March 1975 (I)
July 1980 (III)
November 1982 (IV)
March 1991(I)
November 2001 (IV)
June 2009 (II)
--
18
8
32
18
65
38
13
10
17
18
18
23
13
24
23
7
18
14
13
43
13
8
11
10
8
10
11
16
6
16
8
8
18
--
30
22
46
18
34
36
22
27
20
18
24
21
33
19
12
44
10
22
27
21
50
80
37
45
39
24
106
36
58
12
92
120
73
--
48
30
78
36
99
74
35
37
37
36
42
44
46
43
35
51
28
36
40
64
63
88
48
55
47
34
117
52
64
28
100
128
91
--
--
40
54
50
52
101
60
40
30
35
42
39
56
32
36
67
17
40
41
34
93
93
45
56
49
32
116
47
74
18
108
128
81

Average, all cycles:
1854-2009 (33 cycles)
1854-1919 (16 cycles)
1919-1945 (6 cycles)
1945-2009 (11 cycles)
 
17.5
21.6
18.2
11.1
 
38.7
26.6
35.0
58.4
 
56.2
48.2
53.2
69.5
 
56.4*
  48.9**
53.0
68.5
* 32 cycles
** 15 cycles

Source: NBER

The determination that the last expansion began in June 2009 is the most recent decision of the Business Cycle Dating Committee of the National Bureau of Economic Research.



Announcement Dates with Links to Announcement Memos
Turning Point Date Peak or Trough Announcement Date with Link
June 2009 Trough September 20, 2010
December 2007 Peak December 1, 2008
November 2001 Trough July 17, 2003
March 2001 Peak November 26, 2001
March 1991 Trough December 22, 1992
July 1990 Peak April 25, 1991
November 1982 Trough July 8, 1983
July 1981 Peak January 6, 1982
July 1980 Trough July 8, 1981
January 1980 Peak June 3, 1980

Other Related Press Releases:

April 12, 2010
January 7, 2008
October 21, 2003
December 21, 1990
December 31, 1979
October 25, 1979
July 27, 1979


Prior to 1979, there were no formal announcements of business cycle turning points.


The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in 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. For more information, see the latest announcement from the NBER's Business Cycle Dating Committee, dated 9/20/10.

Source:

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