In the United States the unofficial beginning and ending dates of national

economic expansion An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluctuations in aggregate economic activit ...

s have been defined by an American private non-profit research organization known as the

National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic c ...

(NBER). The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and typically lasts for several years. During the 19th century, the United States experienced frequent boom and bust cycles. This period was characterized by short, frequent periods of expansion, typically punctuated by periods of sharp recession. This cyclical pattern continued through the Great Depression. Economic growth since 1945 has been more stable with fewer recessions when compared to previous eras.

Great Depression onward

Following the end of World War II and the large adjustment as the economy adjusted from wartime to peacetime in 1945, the collection of many economic indicators, such as unemployment and

gross domestic product Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...

(GDP) became standardized. Expansions after World War II may be compared to each other much more easily than previous expansions because of these available data. The listed dates and durations are from the official chronology of the National Bureau of Economic Research. The

dates expansions on a monthly basis. From the trough of the recession of 1945 to the late-2000s recession, there have been eleven periods of expansion, lasting an average of fifty-nine months. Included during this period is the

post–World War II economic expansion The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession. The ...

through the 1973–75 recession, a period of

stagflation In economics, stagflation or recession-inflation is a situation in which the inflation rate is high or increasing, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actio ...

between 1974 and 1981, and the

Great Moderation The Great Moderation is a period in the United States of America starting from the mid-1980s until at least 2007 characterized by the reduction in the volatility of business cycle fluctuations in developed nations compared with the decades befor ...

from 1982 to the start of the late-2000s recession.

External links

US Business Cycle Expansions and Contractions
1857 to present, National Bureau of Economic Research

References

{{Financial crises Economic Expansions Expanions Economic growth

Great Depression onward

See also

External links

References