External reading
About this resource
- Publisher
- National Bureau of Economic Research
- Use
- NBER committee procedure for retrospective U.S. business-cycle chronology; not an official government statistical definition.
- Version
- Current procedure FAQ verified August 7, 2026
- Relevant parts
- Definition of recession; indicators; chronology; two-quarters rule question
- Link checked
- Aug 7, 2026
The FAQ anchors the module's distinction between a broad contraction concept and a convenient two-quarter heuristic. The committee examines multiple monthly and quarterly indicators and dates peaks and troughs after evidence accumulates.
That process supports historical classification, not a trading signal or a real-time guarantee. Learners must separate an indicator release, an informal rule of thumb, and the committee's later chronology.