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The red highlights indicate when the peak or trough month has been outside the peak or trough quarter.

Business Cycle Reference Dates Contraction Expansion Cycle
Peak Month Peak Year Peak Quarter Trough Month Trough Year Trough Quarter Peak to Trough (Months) Previous Trough to this Peak (Months) Trough from Previous Trough (Months) Peak from Previous Peak (Months)
- - - December 1854 4 - - - -
June 1857 2 December 1858 4 18 30 48 -
October 1860 3 June 1861 3 8 22 30 40
April 1865 1 December 1867

Trough occurred 1868Q1

32 46 78 54
June 1869 2 December 1870 4 18 18 36 50
October 1873 3 March 1879 1 65 34 99 52
March 1882 1 May 1885 2 38 36 74 101
March 1887 2 April 1888 1 13 22 35 60
July 1890 3 May 1891 2 10 27 37 40
January 1893 1 June 1894 2 17 20 37 30
December 1895 4 June 1897 2 18 18 36 35
June 1899 3 December 1900 4 18 24 42 42
September 1902 4 August 1904 3 23 21 44 39
May 1907 2 June 1908 2 13 33 46 56
January 1910 1 January 1912

Trough occurred 1911Q4

24 19 43 32
January 1913 1 December 1914 4 23 12 35 36
August 1918 3 March 1919 1 7 44 51 67
January 1920 1 July 1921 3 18 10 28 17
May 1923 2 July 1924 3 14 22 36 40
October 1926 3 November 1927 4 13 27 40 41
August 1929 3 March 1933 1 43 21 64 34
May 1937 2 June 1938 2 13 50 63 93
February 1945 1 October 1945 4 8 80 88 93
November 1948 4 October 1949 4 11 37 48 45
July 1953 2 May 1954 2 10 45 55 56
August 1957 3 April 1958 2 8 39 47 49
April 1960 2 February 1961 1 10 24 34 32
December 1969 4 November 1970 4 11 106 117 116
November 1973 4 March 1975 1 16 36 52 47
January 1980 1 July 1980 3 6 58 64 74
July 1981 3 November 1982 4 16 12 28 18
July 1990 3 March 1991 1 8 92 100 108
March 2001 1 November 2001 4 8 120 128 128
December 2007 4 June 2009 2 18 73 91 81
February 2020

Peak
occurred
2019Q4

April  2020  2 128 130  146

Business Cycle Dating Committee Announcements

For further information please contact:

Charles A. Radin Director of Public Information National Bureau of Economic Research, Inc. 1050 Massachusetts Avenue Cambridge MA 02138 617-588-0316

Permission to copy is granted, provided attribution of source is given.

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