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At its meeting, the committee determined that a trough in business activity occurred in the U. The recession lasted 18 months, which makes it the longest of any recession since World War II.
Rather, the committee determined only that the recession ended and a recovery began in that month.First, the strong growth of quarterly real GDP and real GDI in the fourth quarter was inconsistent with designating any month in the fourth quarter as the trough month.The committee believes that these quarterly measures of the real volume of output across the entire economy are the most reliable measures of economic activity.Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.
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