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The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.The basis for this decision was the length and strength of the recovery to date.Previously the longest postwar recessions were those of 1973--82, both of which lasted 16 months.In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity.Rather, the committee determined only that the recession ended and a recovery began in that month.A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.The committee waited to make its decision until revisions in the National Income and Product Accounts, released on July 30 and August 27, 2010, clarified the 2009 time path of the two broadest measures of economic activity, real Gross Domestic Product (real GDP) and real Gross Domestic Income (real GDI).The committee noted that in the most recent data, for the second quarter of 2010, the average of real GDP and real GDI was 3.1 percent above its low in the second quarter of 2009 but remained 1.3 percent below the previous peak which was reached in the fourth quarter of 2007.Real GDP reached its low point in the second quarter of 2009, while the value of real GDI was essentially identical in the second and third quarters of 2009.The average of real GDP and real GDI reached its low point in the second quarter of 2009.It places particular emphasis on measures that refer to the total economy rather than to particular sectors.These include a measure of monthly GDP that has been developed by the private forecasting firm Macroeconomic Advisers, measures of monthly GDP and GDI that have been developed by two members of the committee in independent research (James Stock and Mark Watson, (available here), real personal income excluding transfers, the payroll and household measures of total employment, and aggregate hours of work in the total economy.As an ODA Member we are required to have appropriate and effective arrangements in place for dealing with complaints and enquiries.The ODA provides general information on common enquiries users have about dating services but will not deal directly with individual complaints which are properly the responsibility of member companies.Further, macroeconomic indicators are subject to substantial revisions and measurement error.For these reasons, the committee refers to a variety of monthly indicators to choose the months of peaks and troughs.

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