Business cycle dating committee members www allwhitedating com
The committee believes that domestic production and employment are the primary conceptual measures of economic activity.
The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment.
Many of these indicators, including monthly data on the largest component of GDP, consumption, have declined sharply in recent months.
The committee's primary role is to maintain a monthly chronology of the business cycle.
Other series considered by the committee-including real personal income less transfer payments, real manufacturing and wholesale-retail trade sales, industrial production, and employment estimates based on the household survey-all reached peaks between November 2007 and June 2008.
Between trough and peak, the economy is in an expansion.
Because a recession is a broad contraction of the economy, not confined to one sector, the committee emphasizes economy-wide measures of economic activity.
The peak marks the end of the expansion that began in November 2001 and the beginning of a recession.
A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.