Business cycle dating committee of the national bureau of economic
Industrial production and employee hours worked at nonfarm establishments both reached their low point in November.Employment at nonfarm establishments reached its low, and the total unemployment rate its high, in December.CAMBRIDGE, July 08 -- The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday in Cambridge and identified November 1982 as the trough of the recession that had begun in the United States in July 1981.The trough signifies both the end of a recession and the beginning of a recovery or business expansion.At its meeting today, the committee identified the first quarter of 1980 as a peak of the business cycle and the third quarter of 1980 as a trough.Although real GNP reached its low point in the second quarter of 1980, the committee chose the third quarter for the chronology.An important factor influencing that decision is that most major indicators, including real GNP, are already close to or above their previous highs.
For example, approximately five-sixths of all manufacturing, mining and utility industries now report higher production levels than they were experiencing six months ago, and three fourths of all nonfarm industries report higher employment levels than six months ago.
Reaffirming its earlier identification of January 1980 as the prior peak in business activity, the committee observed that the six months between the peak and the trough make the recession of 1980 the shortest recorded since the beginning of the NBER's business cycle chronology in 1854.
The 1980 recession was also the first recession since World War II in which real GNP contracted for only a single quarter.
CAMBRIDGE, April 12 -- The Business Cycle Dating Committee of the National Bureau of Economic Research met at the organizations headquarters in Cambridge, Massachusetts, on April 8, 2010.
The committee reviewed the most recent data for all indicators relevant to the determination of a possible date of the trough in economic activity marking the end of the recession that began in December 2007.