The business cycle dating committee
In particular, in 2001-03, the trough in payroll employment occurred 21 months after the NBER trough date.
In 2009, the NBER trough date is 6 months before the trough in payroll employment.
The basis for this decision was the length and strength of the recovery to date.
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.
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.