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BUSINESS CYCLE 
DATES

CYCLE DURATION (MONTHS)

Peak

Trough

Contraction

Expansion

Cycle

Quarterly dates
are in parentheses

Peak 
to 
Trough

Previous trough 
to 
this peak

Trough from 
Previous 
Trough

Peak from 
Previous 
Peak

June 1857
October 1860
April 1865
June 1869
October 1873
March 1882
March 1887
July 1890
January 1893
December 1895
June 1899
September 1902
May 1907
January 1910
January 1913
August 1918
January 1920
May 1923
October 1926
August 1929
May 1937
February 1945
November 1948
July 1953
August 1957
April 1960
December 1969
November 1973
January 1980
July 1981
July 1990
March 2001
December 2007

December 1854
December 1858
June 1861
December 1867
December 1870
March 1879
May 1885
April 1888
May 1891
June 1894
June 1897
December 1900
August 1904
June 1908
January 1912
December 1914
March 1919
July 1921
July 1924
November 1927
March 1933
June 1938
October 1945
October 1949
May 1954
April 1958
February 1961
November 1970
March 1975
July 1980
November 1982
March 1991
November 2001 
June 2009 

--
18
8
32
18
65
38
13
10
17
18
18
23
13
24
23
7
18
14
13
43
13
8
11
10
8
10
11
16
6
16
8
8
18

--
30
22
46
18
34
36
22
27
20
18
24
21
33
19
12
44
10
22
27
21
50
80
37
45
39
24
106
36
58
12
92
120
73

--
48
30
78
36
99
74
35
37
37
36
42
44
46
43
35
51
28
36
40
64
63
88
48
55
47
34
117
52
64
28
100
128
91

--
--
40
54
50
52
101
60
40
30
35
42
39
56
32
36
67
17
40
41
34
93
93
45
56
49
32
116
47
74
18
108
128
81

AVERAGE ALL CYCLES

 Peak 
to 
Trough

Previous trough 
to 
this peak 

Trough from 
Previous 
Trough 

Peak from 
Previous 
Peak 

1854-2009 (33 cycles)

1854-1919 (16 cycles)

1919-1945 (6 cycles)

1945-2009 (11 cycles)

17.5

21.6

18.2

11.1

38.7

26.6

35.0

58.4

56.2

48.2

53.2

69.5

56.4

48.9

53.0

68.5