The NBER's Business Cycle Dating Committee maintains a chronology of the U. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak.
The chronology comprises alternating dates of peaks and troughs in economic activity.
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In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.
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