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- Recessions — contractions in economic activity — start in the month after a peak in the business cycle, and end in the month of the trough.
www.nber.org/research/data/us-business-cycle-expansions-and-contractions
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The unofficial beginning and ending dates of recessions in the United States have been defined by the National Bureau of Economic Research (NBER), an American private nonprofit research organization.
- What's A Recession?
- Surveying Past U.S. Recessions
- The Own Goal Recession: May 1937–June 1938
- The V-Day Recession: February 1945–October 1945
- The Post-War Brakes Tap Recession: November 1948–October 1949
- The M*A*S*H* Recession: July 1953–May 1954
- The Investment Bust Recession: August 1957–April 1958
- The 'Rolling Adjustment' Recession: April 1960–February 1961
- The Guns and Butter Recession: December 1969–November 1970
- The Oil Embargo Recession: November 1973–March 1975
Recessions are sometimes defined as two consecutive quarters of decline in real Gross Domestic Product (GDP), which measures the combined value of all the goods and services produced in an economy. In the U.S., the National Bureau of Economic Research (NBER) defines a recession as "a significant decline in economic activity that is spread across th...
Let's take a look at all official U.S. recessions since the Great Depression, focusing on common measurements of their severity as well as causes. 1. Duration: How long did the recession last, according to NBER? 2. GDP decline: How much did economic activity contract from its prior peak? 3. Peak unemployment rate: What was the maximum proportion of...
Duration: 13 monthsGDP decline: 10%Peak unemployment rate: 20%Reasons and causes: Expansionary monetary and fiscal policies had secured a recovery from the Great Depression after 1933, albeit an uneven and incomplete one. In 1936-1937 policymakers changed cou...Duration: Eight monthsGDP decline: 10.9%Peak unemployment rate:3.8%Reasons and causes: The 1945 recession reflected massive cuts in U.S. government spending and employment toward the end and immediately after World War II. Federal spending fell 40% in 1946 and 38%...Duration: 11 monthsGDP decline:1.7%Peak unemployment rate: 7.9%Reasons and Causes: The first phase of the post-war boom was in some ways comparable to the economic recovery from the COVID-19 pandemic. Amid a backlog of consumer demand suppressed during the war...Duration: 10 monthsGDP decline:2.7%Peak unemployment rate: 5.9%Reasons and causes: The wind-down of the Korean War caused government spending to decline dramatically, lowering the federal budget deficitfrom 1.7% of GDP in fiscal 1953 to 0.3% a year later. Mean...Duration: Eight monthsGDP decline:3.7%Peak unemployment rate: 7.4%Reasons and causes: The end of the Korean War unleashed a global investment boom marked by a surge in exports of U.S. capital goods. The Fed responded by tightening monetary policy as the inflation...Duration: 10 monthsGDP decline: 1.6%Peak unemployment rate: 6.9%Reasons and causes: This relatively mild recession was named for the so-called "rolling adjustment" in U.S. industrial sectors tied to consumers' diminished demand for domestic autos amid growing c...Duration: 11 monthsGDP decline: 0.6%Peak unemployment rate:5.9%Reasons and causes: Military spending increased in the late 1960s amid growing U.S. involvement in the Vietnam War and alongside high expenditures on domestic policy initiatives.As a result, the fe...Duration: 16 monthsGDP decline: 3%Peak unemployment rate: 8.6%Reasons and causes: This long, deep recession began following the start of the Arab Oil Embargo, which would quadruple crude prices. That tipped the balance for an economy struggling with the deval...- Dave Roos
- February to October 1945: End of WWII. World War II History. World War II was an economic boon for the U.S. economy as the government infused tens of billions of dollars into manufacturing and other industries to meet wartime needs.
- November 1948 to October 1949: Post-War Consumer Spending Slows. When wartime rations and restrictions were lifted after WWII, American consumers rushed to catch up on years of pent-up purchases.
- July 1953 to May 1954: Post-Korean War Recession. This relatively short and mild recession followed the script of the post-WWII recession as heavy government military spending dried up after the end of the Korean War.
- August 1957 to April 1958: Asian Flu Pandemic. An Asian flu vaccine being rushed by helicopter to parts of the U.S. hit by the epidemic, 1957. In 1957, an Asian Flu pandemic spread from Hong Kong across India and into Europe and the United States, sickening untold numbers and ultimately killing more than a million people worldwide.
Jul 9, 2024 · There have been 19 major recessions in the United States. Learn how GDP, unemployment, and more were affected, how bad they were, and when they ended.
- Kimberly Amadeo
Jul 26, 2024 · The series assigns dates to U.S. recessions based on a mathematical model of the way that recessions differ from expansions. Whereas the NBER business cycle dates are based on a subjective assessment of a variety of indicators, the dates here are entirely mechanical and are calculated solely from historically reported GDP data.
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The NBER’s Business Cycle Dating Committee maintains a chronology of US business cycles. The chronology identifies the months of peaks and troughs of economic activity. Expansions are the periods between a trough and a peak; recessions are the periods between a peak and a trough.
For this time series, the recession begins the first day of the period following a peak and ends on the last day of the period of the trough. For more options on recession shading, see the notes and links below. The recession shading data that we provide initially comes from the source as a list of dates that are either an economic peak or trough.
