C.D. Howe Institute Business Cycle Council Issues Authoritative Dates for the 2008/2009 Recession

TORONTO, Oct. 24, 2012 /CNW/ - The newly established C.D. Howe Institute Business Cycle Council has determined authoritative dates for the onset of the 2008/2009 recession in Canada and the subsequent resumption of economic growth. Based on a careful analysis of key economic indicators, the Council determined that the recession started in November 2008 and lasted seven months until May 2009. As a foundation for further work on business cycles, the Council has also agreed on a common set of reference dates for historical recessions in Canada starting in 1929. "Pinpointing key turning points in the economy is of vital importance for businesses, consumers and policymakers," noted Philippe Bergevin, Chairman of the Council, "particularly since our research shows recessions have become less frequent, but more severe events." The past three recessions were the most severe since the mid-20^th Century.

The Institute created the Business Cycle Council to act as an arbiter of business cycle dates in Canada, a role formerly performed by Statistics Canada. It comprises a panel of expert business and academic macroeconomists and economic historians. The Council defines a recession as a pronounced, pervasive and persistent decline in aggregate economic activity, typically resulting in a cumulative decline over adjacent quarters.

For the Council's full report, including a chronology of business cycles since 1926, go to:

http://www.cdhowe.org/c-d-howe-institute-business-cycle-council-issues-authoritative-dates-for-the-2008-2009-recession/19382

For the related Commentary, Turning Points: Business Cycles in Canada since 1926, go to:

http://www.cdhowe.org/turning-points-business-cycles-in-canada-since-1926/19364

SOURCE: C.D. Howe Institute

Kristine Gray 416-865-1904; email: [email protected]