|
Cycle
|
Business Cycle Reference Dates
|
Duration (Month)
|
|
Trough
|
Peak
|
Trough
|
Expansion
|
Contraction
|
Total
|
|
Trough to
Peak
|
Peak to
Trough
|
Trough from
Previous Trough
|
|
1st
|
Nov. 1954
|
Nov. 1955
|
Sep. 1956
|
12
|
10
|
22
|
|
2nd
|
Sep. 1956
|
Sep. 1964
|
Jan. 1966
|
96
|
16
|
112
|
|
3rd
|
Jan. 1966
|
Aug. 1968
|
Oct. 1969
|
31
|
14
|
45
|
|
4th
|
Oct. 1969
|
Feb. 1974
|
Feb. 1975
|
52
|
12
|
64
|
|
5th
|
Feb. 1975
|
Jan. 1980
|
Feb. 1983
|
59
|
37
|
96
|
|
6th
|
Feb. 1983
|
May 1984
|
Aug. 1985
|
15
|
15
|
30
|
|
7th
|
Aug. 1985
|
May 1989
|
Aug. 1990
|
45
|
15
|
60
|
|
8th
|
Aug. 1990
|
Feb. 1995
|
Mar. 1996
|
54
|
13
|
67
|
|
9th
|
Mar. 1996
|
Dec. 1997
|
Dec. 1998
|
21
|
12
|
33
|
|
10th
|
Dec. 1998
|
Sep. 2000
|
Sep. 2001
|
21
|
12
|
33
|
|
11th
|
Sep. 2001
|
Mar. 2004
|
Feb. 2005
|
30
|
11
|
41
|
|
12th
|
Feb. 2005
|
Mar. 2008
|
Feb. 2009
|
37
|
11
|
48
|
|
13th
|
Feb.2009
|
Feb.2011
|
Jan.2012
|
24
|
11
|
35
|
| 14th |
Jan.2012 |
Oct. 2014 |
Feb.2016 |
33 |
16 |
49 |
| 15th |
Feb.2016 |
Jan.2022 |
|
71 |
|
|
The NDC 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, industrial production, employment, manufacturing sales, and sales of wholesale,retail, and food. Prior to 1953, there were no formal announcements of business cycle turning points.
Business Cycle Q&A
|