HOME PAGE Thursday August 18 2011 Search the NBER site US Business Cycle Expansions and Contractions pdf version Contractions recessions start at the peak of a business cycle and end at the trough Please also see Latest announcement from the NBER s Business Cycle Dating Committee dated 9 20 10 Press citations on NBER Business Cycles BUSINESS CYCLE REFERENCE DATES Peak Trough Quarterly dates are in parentheses June 1857 II October 1860 III April 1865 I June 1869 II October 1873 III March 1882 I March 1887 II July 1890 III January 1893 I December 1895 IV June 1899 III September 1902 IV May 1907 II January 1910 I January 1913 I August 1918 III January 1920 I May 1923 II October 1926 III August 1929 III May 1937 II February 1945 I November 1948 IV July 1953 II August 1957 III April 1960 II December 1969 IV November 1973 IV January 1980 I July 1981 III July 1990 III March 2001 I December 2007 IV Average all cycles 1854 2009 33 cycles 1854 1919 16 cycles 1919 1945 6 cycles 1945 2009 11 cycles http www nber org cycles html 8 18 2011 10 40 32 AM December 1854 IV December 1858 IV June 1861 III December 1867 I December 1870 IV March 1879 I May 1885 II April 1888 I May 1891 II June 1894 II June 1897 II December 1900 IV August 1904 III June 1908 II January 1912 IV December 1914 IV March 1919 I July 1921 III July 1924 III November 1927 IV March 1933 I June 1938 II October 1945 IV October 1949 IV May 1954 II April 1958 II February 1961 I November 1970 IV March 1975 I July 1980 III November 1982 IV March 1991 I November 2001 IV June 2009 II DURATION IN MONTHS Contraction Expansion Cycle Peak to Trough Previous trough to this peak Trough from Previous Trough Peak from Previous Peak 18 8 32 18 65 38 13 10 17 18 18 23 13 24 23 7 18 14 13 43 13 8 11 10 8 10 11 16 6 16 8 8 18 30 22 46 18 34 36 22 27 20 18 24 21 33 19 12 44 10 22 27 21 50 80 37 45 39 24 106 36 58 12 92 120 73 48 30 78 36 99 74 35 37 37 36 42 44 46 43 35 51 28 36 40 64 63 88 48 55 47 34 117 52 64 28 100 128 91 40 54 50 52 101 60 40 30 35 42 39 56 32 36 67 17 40 41 34 93 93 45 56 49 32 116 47 74 18 108 128 81 16 22 18 11 42 27 35 59 56 48 53 73 55 49 53 66 32 cycles 15 cycles Source NBER The determination that the last expansion began in June 2009 is the most recent decision of the Business Cycle Dating Committee of the National Bureau of Economic Research Announcement dates The The The The The The The The The The June 2009 trough was announced September 20 2010 December 2007 peak was announced December 1 2008 November 2001 trough was announced July 17 2003 March 2001 peak was announced November 26 2001 March 1991 trough was announced December 22 1992 July 1990 peak was announced April 25 1991 November 1982 trough was announced July 8 1983 July 1981 peak was announced January 6 1982 July 1980 trough was announced July 8 1981 January 1980 peak was announced June 3 1980 Other Related Press Releases April 12 2010 January 7 2008 October 21 2003 December 21 1990 December 31 1979 October 25 1979 July 27 1979 Prior to 1979 there were no formal announcements of business cycle turning points The NBER 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 real income employment industrial production and wholesale retail sales For more information see the latest announcement from the NBER s Business Cycle Dating Committee dated 9 20 10 Source Public Information Office National Bureau of Economic Research Inc 1050 Massachusetts Avenue Cambridge MA 02138 USA 617 868 3900 Permission to copy is granted provided credit is given RECENT NBER RESEARCH NEWS AND PRESS CITATIONS Management Practices in Transition Countries Real Estate Agents in Greater Boston http www nber org cycles html 8 18 2011 10 40 32 AM Traffic Pollution and Infant Health Warehouse Club Entry and Grocery Prices Post Secondary Attendance by Parental Income in the U S and Canada National Bureau of Economic Research 1050 Massachusetts Ave Cambridge MA 02138 617 868 3900 email info nber org Contact Us http www nber org cycles html 8 18 2011 10 40 32 AM