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05-Sep-2020 00:13

All the major indicators of economic activity were generally flat or declining through September 2001.

Real GDP then grew at a substantial rate from the third quarter to the fourth quarter of 2001 and has continued growing since then.

The committee determined, however, that the fact that the broadest, most comprehensive measure of economic activity is well above its pre-recession levels implied that any subsequent downturn in the economy would be a separate recession.

Identifying the date of the trough involved weighing the evidence provided by the behavior of various indicators of economic activity.

The estimates of real GDP issued by the Bureau of Economic Analysis of the U. Department of Commerce are only available quarterly.

Further, macroeconomic indicators are subject to substantial revisions and measurement error.

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At its meeting, the committee determined that a trough in business activity occurred in the U. The recession lasted 8 months, which is slightly less than average for recessions since World War II.The committee noted that the most recent data indicate that the broadest measure of economic activity-gross domestic product in constant dollars-has risen 4.0 percent from its low in the third quarter of 2001, and is 3.3 percent above its pre-recession peak in the fourth quarter of 2000.