Recession indicators


By convention, if a peak occurs during quarter P and a trough during quarter T, the recession starts at P+1 and the expansion at T+1. Thus, the quarter of the peak belongs to the preceding expansion, and that of the trough to the preceding recession. For a methodological note on recession indicators and alternative definitions, please consult the note published by FRED.

Recession indicators following this convention are available here and represented below graphically, with recessions shaded in grey.