US Business Cycle Expansions and Contractions

Contractions (recessions) start at the peak of a business cycle and end at the trough.

Business cycle data last updated: 07/19/2021

The red highlights indicate when the peak or trough month has been outside the peak or trough quarter.

Business Cycle Reference Dates						Contraction	Expansion	Cycle
Peak Month	Peak Year	Peak Quarter	Trough Month	Trough Year	Trough Quarter	Peak to Trough (Months)	Previous Trough to this Peak (Months)	Trough from Previous Trough (Months)	Peak from Previous Peak (Months)
-	-	-	December	1854	4	-	-	-	-
June	1857	2	December	1858	4	18	30	48	-
October	1860	3	June	1861	3	8	22	30	40
April	1865	1	December	1867	Trough occurred 1868Q1	32	46	78	54
June	1869	2	December	1870	4	18	18	36	50
October	1873	3	March	1879	1	65	34	99	52
March	1882	1	May	1885	2	38	36	74	101
March	1887	2	April	1888	1	13	22	35	60
July	1890	3	May	1891	2	10	27	37	40
January	1893	1	June	1894	2	17	20	37	30
December	1895	4	June	1897	2	18	18	36	35
June	1899	3	December	1900	4	18	24	42	42
September	1902	4	August	1904	3	23	21	44	39
May	1907	2	June	1908	2	13	33	46	56
January	1910	1	January	1912	Trough occurred 1911Q4	24	19	43	32
January	1913	1	December	1914	4	23	12	35	36
August	1918	3	March	1919	1	7	44	51	67
January	1920	1	July	1921	3	18	10	28	17
May	1923	2	July	1924	3	14	22	36	40
October	1926	3	November	1927	4	13	27	40	41
August	1929	3	March	1933	1	43	21	64	34
May	1937	2	June	1938	2	13	50	63	93
February	1945	1	October	1945	4	8	80	88	93
November	1948	4	October	1949	4	11	37	48	45
July	1953	2	May	1954	2	10	45	55	56
August	1957	3	April	1958	2	8	39	47	49
April	1960	2	February	1961	1	10	24	34	32
December	1969	4	November	1970	4	11	106	117	116
November	1973	4	March	1975	1	16	36	52	47
January	1980	1	July	1980	3	6	58	64	74
July	1981	3	November	1982	4	16	12	28	18
July	1990	3	March	1991	1	8	92	100	108
March	2001	1	November	2001	4	8	120	128	128
December	2007	4	June	2009	2	18	73	91	81
February	2020	Peak occurred 2019Q4	April	2020	2	2	128	130	146

For further information please contact:

Charles A. Radin Director of Public Information National Bureau of Economic Research, Inc. 1050 Massachusetts Avenue Cambridge MA 02138 617-588-0316

Permission to copy is granted, provided attribution of source is given.

Related