There was one during the first six months of The second lasted 16 months, from July to November The Fed caused this recession by raising interest rates to combat inflation.
That reduced business spending. The Iranian oil embargo aggravated economic conditions by reducing U. GDP was negative for six of the 12 quarters. The worst was Q2 at Unemployment rose to This recession lasted 16 months, from November to March The OPEC oil embargo is blamed for quadrupling oil prices, but actions taken by President Richard Nixon also contributed to the recession.
First, Nixon instituted wage-price controls. They kept prices too high, reducing demand. Wage controls made salaries too high and forced businesses to lay off workers.
Second, Nixon took the United States off the gold standard in response to a run on the gold held at Fort Knox, which led to inflation. The price of gold skyrocketed while the dollar's value plummeted. The result was stagflation and five quarters of negative GDP growth: Q3, Unemployment reached a peak of 9. This recession was relatively mild, lasting 11 months—from December to November , Unemployment peaked at 6.
The economy contracted by 1. GDP rose by 0. The economy recovered in Q1 , increasing by Starting in April , this recession lasted 10 months until February Unemployment reached a peak of 7. President John F. Kennedy ended the recession with stimulus spending. His opponent, Richard Nixon, blamed the recession for costing him the election. Unemployment didn't reach its peak of 7. The Fed's contractionary monetary policy caused this economic slowdown.
This recession lasted 10 months, from July to May It resulted from tightened monetary policy following the Korean War. Unemployment didn't reach its peak of 6. In , GDP contracted by 2.
In , it contracted by 1. This month recession began in November and lasted until October , when unemployment peaked at 7. However, there has been considerable variation in the length of business cycle expansions and contractions in the past.
Fortunately, over the past 25 years the United States has experienced only two relatively mild recessions and extended periods of expansion. The shortest recession between the mids and lasted only six months, from January to July The two longest recessions during the period lasted 16 months each, one extending from November to March , and the other from July to November In both of these periods there was a noticeable decline in real GDP.
In contrast to the relatively short duration of most recessions, periods of expansion tend to last much longer, helping the economy expand over time.
The shortest expansion period from the mids until lasted only 24 months, from April to April The longest expansion continued from March to March , setting a record of consecutive months of growth. Chart 1 plots both the level of real GDP in chained dollars and the percentage annual rate of growth in real GDP each quarter over a period of about 60 years ending in the final quarter of Periods of economic contractions or recessions as defined by the NBER are shown in the chart as gray bars.
The blue line in the chart measured in billions of chained dollars on the right axis shows the growth in the economy over time as measured by real GDP. Once the resulting debt bubbles pop or the end of a war leads to cutbacks in monetary expansion, several years' worth of overextended, debt-based investments and malinvestments tend to be wiped out in a process of debt deflation in a relatively short period.
This spikes unemployment and drags down GDP. Beyond the underlying monetary trends, real economic shocks often help to trigger the turning point into recession.
For one, oil price swings appear to be consistent and frequent historical precursors to U. Bureau of Economic Analysis. The National Bureau of Economic Research. Board of Governors of the Federal Reserve System. Accessed Sept. Federal Reserve History. Janice Traflet. JHU Press, Stanford University. Federal Reserve Bank of Chicago. University of Washington. Jeff Singleton. Greenwood Publishing Group, United States Senate.
Business Cycle Expansions and Contractions. Center for Economic and Policy Research. National Bureau of Economic Research. Mises Institute. Department of Labor. Congressional Research Service. Bureau of Labor Statistics. The committee's approach to determining the dates of turning points is retrospective. In making its peak and trough announcements, it waits until sufficient data are available to avoid the need for major revisions to the business cycle chronology.
In determining the date of a peak in activity, it waits until it is confident that a recession has occurred. Even in the event that activity began to rise again immediately after the announcement of a peak, the committee would find that a new expansion was underway, and the upturn would not be a continuation of the previous expansion.
As a result, the committee tends to wait to identify a peak until a number of months after it has actually occurred. Similarly, in determining the date of a trough, the committee waits until it is confident that an expansion is underway. Even in the event that activity began to decline again immediately, the committee would consider this a new recession, not a continuation of the previous recession.
Thus, the committee also waits to identify a trough for a period of time after it has actually occurred.
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