The Business Cycle Dating Committee of the National Bureau
of Economic Research met by conference call on Friday, November 28. The
committee maintains a chronology of the beginning and ending dates (months and
quarters) of U.S.
recessions. The committee determined that a peak in economic activity occurred
in the U.S.
economy in December 2007. The peak marks the end of the expansion that began in
November 2001 and the beginning of a recession. The expansion lasted 73 months;
the previous expansion of the 1990s lasted 120 months.
Q: Typically, how long after the beginning of a recession
does the BCDC declare that a recession has started?
A: Anywhere from 6 to 18 months. The committee waits
long enough so that the existence of a recession is not at all in doubt. It waits
until it can assign an accurate date.
clipped from: www.nber.org