US GDP Growth Rates
2013 Q1 +2.5%
2012 Q4 +.04%
2012 Q3 +3.1%
2012 Q2 +1.3%
2012 Q1 +1.9%
2011 Q4 +3.0%
2011 Q3 +1.8%
2011 Q2 +1.3%
2011 Q1 +0.4%
2010 Q4 +2.3%
2010 Q3 +2.6%
2010 Q2 +1.7%
2010 Q1 +3.7%
2009 Q4 +5.0%
2009 Q3 +1.6%
2009 Q2 -.70%
2009 Q1 -4.9%
2008 Q4 -6.8%
2008 Q3 -4.0%
2008 Q2 +.60%
2008 Q1 -.70%
Latest Report
The determination that the last expansion began in June 2009 is the most recent decision of the Business Cycle Dating Committee of the National Bureau of Economic Research.US Business Cycle Expansions and Contractions 1854 - Present
Contractions (recessions) start at the peak of a business cycle and end at the trough.
| BUSINESS CYCLE REFERENCE DATES |
DURATION IN MONTHS | ||||
| Peak | Trough | Contraction | Expansion | Cycle | |
| Quarterly dates are in parentheses |
Peak to Trough |
Previous trough to this peak |
Trough from Previous Trough |
Peak from Previous Peak |
|
|
June 1857(II) October 1860(III) April 1865(I) June 1869(II) October 1873(III) March 1882(I) March 1887(II) July 1890(III) January 1893(I) December 1895(IV) June 1899(III) September 1902(IV) May 1907(II) January 1910(I) January 1913(I) August 1918(III) January 1920(I) May 1923(II) October 1926(III) August 1929(III) May 1937(II) February 1945(I) November 1948(IV) July 1953(II) August 1957(III) April 1960(II) December 1969(IV) November 1973(IV) January 1980(I) July 1981(III) July 1990(III) March 2001(I) December 2007 (IV) |
December 1854 (IV) December 1858 (IV) June 1861 (III) December 1867 (I) December 1870 (IV) March 1879 (I) May 1885 (II) April 1888 (I) May 1891 (II) June 1894 (II) June 1897 (II) December 1900 (IV) August 1904 (III) June 1908 (II) January 1912 (IV) December 1914 (IV) March 1919 (I) July 1921 (III) July 1924 (III) November 1927 (IV) March 1933 (I) June 1938 (II) October 1945 (IV) October 1949 (IV) May 1954 (II) April 1958 (II) February 1961 (I) November 1970 (IV) March 1975 (I) July 1980 (III) November 1982 (IV) March 1991(I) November 2001 (IV) June 2009 (II) |
-- 18 8 32 18 65 38 13 10 17 18 18 23 13 24 23 7 18 14 13 43 13 8 11 10 8 10 11 16 6 16 8 8 18 |
-- 30 22 46 18 34 36 22 27 20 18 24 21 33 19 12 44 10 22 27 21 50 80 37 45 39 24 106 36 58 12 92 120 73 |
-- 48 30 78 36 99 74 35 37 37 36 42 44 46 43 35 51 28 36 40 64 63 88 48 55 47 34 117 52 64 28 100 128 91 |
-- -- 40 54 50 52 101 60 40 30 35 42 39 56 32 36 67 17 40 41 34 93 93 45 56 49 32 116 47 74 18 108 128 81 |
|
Average, all cycles: 1854-2009 (33 cycles) 1854-1919 (16 cycles) 1919-1945 (6 cycles) 1945-2009 (11 cycles) |
16 22 18 10 |
42 27 35 59 |
56 48 53 73 |
55 49 53 66 |
|
Source: NBER
The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. For more information, see the latest announcement from the NBER's Business Cycle Dating Committee, dated 9/20/10.
A growth recession is a recurring period of slow growth in total output, income, employment, and trade, usually lasting a year or more. A growth recession may encompass a recession, in which case the slowdown usually begins before the recession starts, but ends at about the same time. Slowdowns also may occur without recession, in which case the economy continues to grow, but at a pace significantly below its long-run growth
A depression is a recession that is major in both scale and duration.
