Leader SHIP 2020 is the right tool, but needs to be reinforced and extended to 2030.
Category 1 recessions have only a short, mild drop in GDP and no decline in quarterly employment.
At the other extreme, Category 5 recessions involve extremely rapid contractions of the economy over an extended period of time.
The duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length.
Some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations.
Members of the Council participate in their personal capacities, and the views collectively expressed do not represent those of any institution or client.
The Council released its first report on October 24, 2012, providing an assessment of the 2008/09 recession, as well as an historical chronology of business cycle dates going back to 1926 (a background commentary that explains in greater details the methodology and the chronology can be found here).The Council performs a similar function to the National Bureau of Economic Research (NBER) Business Cycle Dating Committee in the United States.The Council is comprised of Canada’s preeminent economists active in the field.A business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time.Economists note, however, that complete business cycles vary in length.And which indicators best predict future turning points, and at what horizons?