Dear NBER Family and Board Members:
One of the NBER's long-standing roles is determining the starting and
ending dates for recessions and recoveries in the U.S. economy.
The NBER Business Cycle Dating Committee has determined that a peak of
economic activity occurred in December 2007 - so that month consequently
marks the start of a recession. The economic expansion that preceded this
peak lasted 73 months. The committee also determined that when measured at
the quarterly frequency, the peak of economic activity was the fourth
quarter of 2007.
The NBER Business Cycle Dating Committee defines a recession as "a
significant decline in economic activity spread across the economy and
lasting more than a few months." The news of the Business Cycle Dating
Committee's determination was announced to the press today at noon. If you
are interested in reading more about the various factors that the committee
considered in making its December 2007 determination, you may wish to
consult the full news release that is posted on the NBER website:
http://www.nber.org/dec2008.html
All best wishes.
Jim
Received on Mon Dec 01 2008 - 12:37:05 EST
