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It examines and compares the behavior of various measures of broad activity: real GDP measured on the product and income sides, economy-wide employment, and real income.

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), that are considered these huge sex symbols and are number 1 on every ‘hot list.’ Oh boy… I knew that sooner or later this question would come up and I would have to answer it.

And, like everything else, I will answer it honestly without sugar-coating.

In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.

The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.

The Committee's use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures.

Still, a well-defined peak or trough in real sales or IP might help to determine the overall peak or trough dates, particularly if the economy-wide indicators are in conflict or do not have well-defined peaks or troughs.

The NBER's Business Cycle Dating Committee maintains a chronology of the U. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak.

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