The official dating of recessions is done by

08-Jan-2020 13:31

The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales".

the official dating of recessions is done by-73the official dating of recessions is done by-77the official dating of recessions is done by-85

Trade volumes, commodity prices and securities prices all began to fall.However, a standardized index does not exist for the earliest recessions.In 1791, Congress chartered the First Bank of the United States to handle the country's financial needs.Trade declined, just as credit became tight for manufacturers in New England.A swarm gathers on Wall Street during the Panic of 1907. President Andrew Jackson fought to end the Second Bank of the United States.

Trade volumes, commodity prices and securities prices all began to fall.

However, a standardized index does not exist for the earliest recessions.

In 1791, Congress chartered the First Bank of the United States to handle the country's financial needs.

Trade declined, just as credit became tight for manufacturers in New England.

A swarm gathers on Wall Street during the Panic of 1907. President Andrew Jackson fought to end the Second Bank of the United States.

Determining the occurrence of pre-20th-century recessions is more difficult due to the dearth of economic statistics, so scholars rely on historical accounts of economic activity, such as contemporary newspapers or business ledgers, although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U. recessions back to 1790 from business annals based on various contemporary descriptions.