(Reuters) - The National Bureau of Economic Research’s Business Cycle Dating Committee, the accepted arbiter of U.S. recessions, said on Monday that the U.S. economy tipped into a recession a year ago.
At 12 months and counting, the current recession is already the third longest since the Great Depression of the 1930s.
The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries.
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, real income, employment, industrial production and wholesale-retail sales.
As a result, the NBER waits until there is conclusive evidence of a broad, lasting downturn before declaring the start of a recession. Since 1945, there have been 10 business cycles. The average recession has lasted 10 months, while the average expansion has spanned 57 months.
Below are the dates of recessions stretching back to 1923.
2001 RECESSION (eight months)
Began March 2001
Ended November 2001
1990 RECESSION (eight months)
Began July 1990
Ended March 1991
1981 RECESSION (16 months)
Began July 1981
Ended November
1980 RECESSION (six months)
Began January 1980
Ended July 1980
1973 RECESSION (16 months)
Began November 1973
Ended March 1975
1969 RECESSION (11 months)
Began December 1969
Ended November 1970
1960 RECESSION (10 months)
Began April 1960
Ended February 1961
1957 RECESSION (eight months)
Began August 1957
Ended April 1958
1953 RECESSION (10 months)
Began July 1953
Ended May 1954
1948 RECESSION (11 months)
Began November 1948
Ended October 1949
1945 RECESSION (eight months)
Began February 1945
Ended October 1945
1937 RECESSION (13 months)
Began May 1937
Ended June 1938
1929 RECESSION (43 months)
Began August 1929
Ended March 1933
1926 RECESSION (13 months)
Began October 1926
Ended November 1927
1923 RECESSION (14 months)
Began May 1923
Ended July 1924
Compiled by Washington Newsroom; Editing by Kenneth Barry
