Dating fact

The second was that real GDI is a more comprehensive measure of income than real personal income less transfers, as it includes additional sources of income such as undistributed corporate profits.The committee's use of income-side measures, notably real GDI, is based on the accounting principle that the value of output equals the sum of the incomes that arise from producing the output.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.

For these reasons, the committee refers to a variety of monthly indicators to choose the months of peaks and troughs.There is no fixed rule about what weights the committee assigns to the various indicators, or about what other measures contribute information to the process.The committee concluded that the behavior of the quarterly series for real GDP and GDI indicates that the trough occurred in mid-2009.The committee believes that these quarterly measures of the real volume of output across the entire economy are the most reliable measures of economic activity.Second, in previous business cycles, aggregate hours and employment have frequently reached their troughs later than the NBER's trough date.

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