Dating procedure recession
Recession Two consecutive quarters of decline in real GDP is commonly taken to be a recession.The National Bureau of Economic Research, a private organization, effectively decides when recessions occur, however, and the actual dating process is determined by judgment rather than a formal rule.How does that relate to the NBER's recession dating procedure?
The NBER measures five factors to define when a recession is occurring. That's everything produced businesses and individuals in the United States.
According to current data for 2001, the present recession falls into the general pattern, with three consecutive quarters of decline.
Our procedure differs from the two-quarter rule in a number of ways.
See Methodology Does CEPR use a different approach to NBER?
See The CEPR and NBER Approaches What data does the Committee use?
One interesting point is that there is no widespread, unique term for periods that are not recessions.