The anxiety we feel about rising prices, plummeting home values and a weak dollar is real. But perhaps we should take comfort in the fact that, historically, recessions are relatively short and they're usually followed by long periods of prosperity.
That's the core message of this interactive chart tracking the past 60 years of U.S. business cycles, as determined by the National Bureau of Economic Research's Business Cycle Dating Committee. Imagine seven economists discussing what small percentage changes in real income and wholesale production mean, and you've got a sense of the Business Cycle Dating Committee. These seven people are the somewhat-official arbiters of recessions.
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Sunday 5 October 2008
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