Business cycle dating committee of the national bureau of economic dating service south carolina
At its meeting, the committee determined that a trough in business activity occurred in the U. The recession lasted 18 months, which makes it the longest of any recession since World War II.
Moreover, European statistics are of uneven quality, long time series are not available, and data definitions differ across countries and sources.A recession is a period of falling 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.The trough marks the end of the declining phase and the start of the rising phase of the business cycle.Despite boasts during the boom years of the late 1990s about taming business cycle downturns, the U. economy slumped into a recession that lasted from March 2001 until November 2001.This recession ended a ten-year period of expansion in the national economy, the longest expansion in U. history according to the National Bureau of Economic Research (NBER). A private, nonprofit, nonpartisan research organization founded in 1920, the NBER is dedicated to understanding how the economy works.