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The severity of a recession is determined in part by its length; perhaps even more important is the magnitude of the decline in economic activity.
The 2007-09 recession was the deepest recession in the postwar period; at their lowest points employment fell by 6.3 percent and output fell by 5.1 percent.
The Committee also does not utilize a fixed definition of economic activity; rather, it examines and compares the behavior of various measures of broad activity and may also consider indicators that do not cover the entire economy, such as real sales and the Federal Reserve's index of industrial production.
The Committee acknowledges that 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.
Note that the Committee identifies the month when the trough occurred, without taking a stand on the date in the month.
This page places the current economic downturn and recovery into historical (post-WWII) perspective.
The most recent trough occurred in November 2001, inaugurating an expansion.
