The Economy & the Fed
Business Cycle
The economy's long swing between growth and decline. It has four phases: expansion, when output and jobs grow; a peak, the high point; contraction, when output shrinks; and a trough, the low point before the next expansion. In the US the National Bureau of Economic Research dates official recessions by looking at many measures, not just GDP. Two quarters of falling GDP in a row is a common rule of thumb for a recession, but it is not the official definition.
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