A: Personal income comes from Table 2. In situations where a portion of a period is included in the recession, the whole period is deemed to be included in the recession period. All of our recession shading data is available using all three interpretations.
The following table shows the number of months earlier minus sign or later plus sign that the peak of the indicator occurred relative to the NBER's business-cycle peak date. Because of the time lag associated with the release of GDP data, and because business cycle turning points are associated with months rather than quarters, the dating committee relies on a number of monthly economic indicators. A: The committee does not make real-time judgments, but waits for the availability of all relevant data and for the completion of early data revisions. Depending on the application, the extrema, both individually and collectively, may be included in the recession period in whole or in part. For example, there was a recession beginning in March and ending in November that was not characterized by two successive quarterly declines in real GDP.