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Between trough and peak, the economy is in an expansion.

Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.

The chart shows the periods of expansion and recession for the Composite Coincident Indicator Index from 1959 to 2002.

This index, published by The Conference Board ( moves very closely in line with current economic conditions.

It reports that the trough in economic activity occurred in the second quarter of 2009, marking the end of the recession that began in the first quarter of 2008.

The recession lasted 6 quarters and the total decline in output from peak to trough was 5.5%.

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The Eurozone has been it hard and in many ways by the Global crisis.Identifying recessions is crucial to guiding policymaking.This column reports the findings of the CEPR Business Cycle Dating Committee for the Eurozone for the last recession.Its banks were left in a mess (Blundell-Wignall and Slovik 2010), Greece faced a still haunting debt crisis and rumours of Eurozone break-up were taken seriously (Blejer and Levy-Yeyati 2010).The policy response to these various challenges required, and still requires, a proper identification of the business cycle.The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research (NBER), a private non-profit research organization that focuses on understanding the U. Therefore, while negative GDP growth and recessions closely track each other, the consideration by the NBER of the monthly indicators, especially employment, means that the identification of a recession with two consecutive quarters of negative GDP growth does not always hold.

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