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Peak Month (Peak Quarter)        Trough Month (Trough Quarter) Contraction Expansion Cycle
Red indicates that the turning point quarter does not include the turning point month Duration, peak to trough Duration, trough to peak

Duration,
trough to trough

Duration,
peak to peak

  December 1854 (1854Q4)        
June 1857 (1857Q2) December 1858 (1858Q4) 18 30 48  
October 1860 (1860Q3) June 1861 (1861Q3) 8 22 30 40
April 1865 (1865Q1) December 1867 (1868Q1) 32 46 78 54
June 1869 (1869Q2) December 1870 (1870Q4) 18 18 36 50
October 1873 (1873Q3) March 1879 (1879Q1) 65 34 99 52
March 1882 (1882Q1) May 1885 (1885Q2) 38 36 74 101
March 1887 (1887Q2) April 1888 (1888Q1) 13 22 35 60
July 1890 (1890Q3)  May 1891 (1891Q2) 10 27 37 40
January 1893 (1893Q1) June 1894 (1894Q2) 17 20 37 30
December 1895 (1895Q4) June 1897 (1897Q2) 18 18 36 35
June 1899 (1899Q3) December 1900 (1900Q4) 18 24 42 42
September 1902 (1902Q4) August 1904 (1904Q3) 23 21 44 39
May 1907 (1907Q2) June 1908 (1908Q2) 13 33 46 56
January 1910 (1910Q1) January 1912 (1911Q4) 24 19 43 32
January 1913 (1913Q1) December 1914 (1914Q4) 23 12 35 36
August 1918 (1918Q3) March 1919 (1919Q1) 7 44 51 67
January 1920 (1920Q1) July 1921 (1921Q3) 18 10 28 17
May 1923 (1923Q2) July 1924 (1924Q3) 14 22 36 40
October 1926 (1926Q3) November 1927 (1927Q4) 13 27 40 41
August 1929 (1929Q3) March 1933 (1933Q1) 43 21 64 34
May 1937 (1937Q2) June 1938 (1938Q2) 13 50 63 93
February 1945 (1945Q1) October 1945 (1945Q4) 8 80 88 93
November 1948 (1948Q4) October 1949 (1949Q4) 11 37 48 45
July 1953 (1953Q2) May 1954 (1954Q2) 10 45 55 56
August 1957 (1957Q3) April 1958 (1958Q2) 8 39 47 49
April 1960 (1960Q2) February 1961 (1961Q1) 10 24 34 32
December 1969 (1969Q4) November 1970 (1970Q4) 11 106 117 116
November 1973 (1973Q4) March 1975 (1975Q1) 16 36 52 47
January 1980 (1980Q1)  July 1980 (1980Q3) 6 58 64 74
July 1981 (1981Q3) November 1982 (1982Q4) 16 12 28 18
July 1990 (1990Q3) March 1991 (1991Q1) 8 92 100 108
March 2001 (2001Q1) November 2001 (2001Q4) 8 120 128 128
December 2007 (2007Q4) June 2009 (2009Q2) 18 73 91 81
February 2020 (2019Q4) April 2020 (2020Q2) 2 128 130 146
 
1854-2020  17.0 41.4 58.4 59.2
1854-1919 21.6 26.6 48.2 48.9
1919-1945 18.2 35.0 53.2 53.0
1945-2020 10.3 64.2 74.5 75.0

Business Cycle Dating Committee Announcements

For further information please contact:

Kevin Tasley
Director of Communications
National Bureau of Economic Research
1050 Massachusetts Ave
Cambridge, MA
347 853 4161

Permission to copy is granted, provided attribution of source is given.

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