Dating 17

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The estimates of real GDP and GDI 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.

The basis for this decision was the length and strength of the recovery to date.

The committee waited to make its decision until revisions in the National Income and Product Accounts, released on July 30 and August 27, 2010, clarified the 2009 time path of the two broadest measures of economic activity, real Gross Domestic Product (real GDP) and real Gross Domestic Income (real GDI).

It places particular emphasis on measures that refer to the total economy rather than to particular sectors.

Second, in previous business cycles, aggregate hours and employment have frequently reached their troughs later than the NBER's trough date.

In particular, in 2001-03, the trough in payroll employment occurred 21 months after the NBER trough date.

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CAMBRIDGE September 20, 2010 - The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion.

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