The practice of examining the joint evolution of several key macroeconomic aggregates has been followed by the committee since its inception.
the peak is not included in the recession shading, but the trough is).
US Business Cycle Expansions and Contractions Register for future Business Cycle announcements Statement of the NBER Business Cycle Dating Committee on the Determination of the Dates of Turning Points in the U.
See Methodology Does CEPR use a different approach to NBER?
See The CEPR and NBER Approaches What data does the Committee use?
Most of the recessions identified by the Committee’s procedures consist of two or more quarters of declining real GDP, but declining real GDP is not the only indicator used.