December 22, 1992 CAMBRIDGE, December 22, 1992 -- The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call yesterday. In its meeting, the committee determined that the U. economy reached a trough of activity in March 1991.
Business cycle dating committee members
Its third report, using the most recent revisions to Gross Domestic Product data, affirmed the second report.
The Council defines a recession as a pronounced, pervasive and persistent decline in aggregate economic activity.
As a result, the decision regarding the dating of business cycles is not political.
BCDC will help India to be more in synchronization with the other developed and emerging market economies.
Previously, the committee had determined that the economy reached a peak of activity in July 1990.
The eight-month period between July 1990 and March 1991 is a recession in the NBER's chronology.
Timely identification of economic contraction and its severity allows policymakers to intervene, and thereby reduce its amplitude and duration.
In addition, firms can re-evaluate projections of sales and profits, and the consumers their purchasing and investment plans, based on information on transitions to new business cycle phases.
The Council meets when economic conditions indicate the possibility of entry to, or exit from, a recession.
Howe Institute Business Cycle Council is an arbiter of business cycle dates in Canada.
The Council also acts as a conduit for research aimed at developing a deeper understanding of how the economy evolves and to provide guidance to policymakers.