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In 2001, for example, the recession did not include two consecutive quarters of decline in real GDP.In the recession beginning in December 2007 and ending in June 2009, real GDP declined in the first, third, and fourth quarters of 2008 and in the first quarter of 2009.How does that relate to the NBER's recession dating procedure?

Q: How do the cyclical fluctuations in the unemployment rate relate to the NBER business-cycle chronology?A: The unemployment rate is a trendless indicator that moves in the opposite direction from most other cyclical indicators.We identify a month when the economy reached a peak of activity and a later month when the economy reached a trough.The time in between is a recession, a period when economic activity is contracting. As of September 2010, when we decided that a trough had occurred in June 2009, the economy was still weak, with lingering high unemployment, but had expanded considerably from its trough 15 months earlier.We designated June 2009 as the trough, six months before the trough in employment, which is consistent with earlier trough dates in the NBER business-cycle chronology.

In the 2001 recession, we found a clear signal in employment and a mixed one in the various measures of output.Q: Isn't a recession a period of diminished economic activity?A: It's more accurate to say that a recession–the way we use the word–is a period of diminishing activity rather than diminished activity.Thank you and your team for all the help, I will be sure to recommend you to other friends looking to hire photo booths for future events.James Maidment Bridport, Dorset 27 September 2014 If you are looking to arrange the ultimate party, planning your wedding or simply looking for ideas to entertain people, then Funtasia Entertainment should be your first choice to call. A: The committee's procedure for identifying turning points differs from the two-quarter rule in a number of ways.