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The NBER’s Business Cycle Dating Committee maintains a chronology of US business cycles. The chronology identifies the dates of peaks and troughs that body economic recessions and expansions. A recession is the interval between a peak of financial activity and its subsequent trough, or lowest level. Between trough and peak, the economy is in an enlargement. Expansion is the normal state of the economy; most recessions are brief. However, the time that it takes for the financial system to return ...