Start Economic status and dating

Economic status and dating

The market rebounded, only to crash once more in the final two quarters of 2002.

Job growth was initially muted by large layoffs among defense related industries.

Predictions that the bubble would burst emerged during the dot-com bubble in the late 1990s.

Predictions about a future burst increased following the October 27, 1997 mini-crash, in the wake of the Asian crisis.

This caused an uncertain economic climate during the first few months of 1998.

The NBER's Business Cycle Dating Committee (BCDC) uses monthly, rather than quarterly, indicators to determine peaks and troughs in business activity, as can be seen by noting that starting and ending dates are given by month and year, not quarters.

However, controversy over the precise dates of the recession led to the characterization of the recession as the "Clinton Recession" by Republicans, if it could be traced to the final term of President Bill Clinton.

The expansion lasted almost 10 years, the longest in the NBER's chronology [2].

According to the National Bureau of Economic Research (NBER), which is the private, nonprofit, nonpartisan organization charged with determining economic recessions, the U. economy was in recession from March 2001 to November 2001 [3], a period of eight months at the beginning of President George W. However, economic conditions did not satisfy the common shorthand definition of recession, which is "a fall of a country's real gross domestic product in two or more successive quarters," and has led to some confusion about the procedure for determining the starting and ending dates of a recession.

Using the stock market as an unofficial benchmark, a recession would have begun in March 2000 when the NASDAQ crashed following the collapse of the Dot-com bubble.

The Dow Jones Industrial Average was relatively unscathed by the NASDAQ's crash until the September 11, 2001 attacks, after which the DJIA suffered its worst one-day point loss and biggest one-week losses in history up to that point.

The early 2000s recession was a decline in economic activity which mainly occurred in developed countries.