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Selected Measures of Duration Depth and Diffusion
Recession or Depression?
of Business Cycle Contraction 19481980
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annual rate behavior Bureau of Economic Bureau of Labor business cycle peak Chapter chronology coincident index rate columns component composite indexes consumer price index countercyclical countries current dollars cyclical decline deficit deﬂator earnings Economic Research employed Employment and Unemployment employment ratio expansion exports Figure forecasts full-time equivalent gross national product growth cycle growth rate Hence household survey income increase Industrial production industrial production index inﬂation interest rates inventories July labor force Labor Statistics lagging indicators leading index rate leading indicators leads and lags measure ment monthly months National Bureau NBER nomic November output peaks and troughs percentage change period population profits rate of change rate of inflation real GNP rise seasonally adjusted Shiskin slowdown stock prices Table third signal tion trend turning points unem unemployed unemployment rate unit labor costs United Kingdom wage West Germany wholesale price index York Zarnowitz