announced; the favored band who were selected to guard the gates of the fort were detailed, and defiled before their chief; the signal of their approach was given, and all the usual preparations for a change of masters were ordered and executed directly under the guns of the contested works.
in unofficial costume--and as the mass meeting overhead smashed through the long row of windows and poured out upon the roof of the arcade, the deliverers were ready for them with a powerful stream of water, which washed some of them off the roof and nearly drowned the rest.
The NBER's Business Cycle Dating Committee maintains a chronology of the U. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak. The chronology comprises alternating dates of peaks and troughs in economic activity.During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year.Similarly, during an expansion, economic activity rises substantially, spreads across the economy, and usually lasts for several years.In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.
The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.The most recent example of such a judgment that was less than obvious was in 1980-1982, when the Committee determined that the contraction that began in 1981 was not a continuation of the one that began in 1980, but rather a separate full recession.The Committee does not have a fixed definition of economic activity.It examines and compares the behavior of various measures of broad activity: real GDP measured on the product and income sides, economy-wide employment, and real income.The Committee also may consider indicators that do not cover the entire economy, such as real sales and the Federal Reserve's index of industrial production (IP).The Committee's use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures.