![]() ![]() Typically, these dates correspond to peaks and troughs in real GDP, although not always so. Business cycle dates are determined by the NBER dating committee. In contrast, the NBER defines a recession as "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". A definition of a recession commonly used in the media is two consecutive quarters of a shrinking gross domestic product (GDP). > The NBER uses a broader definition of a recession than commonly appears in the media. Be fair: the link references the standard, but does so in order to say that that's not how the NBER defines a recession.
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