It identifies turning points which act as a reference point for the construction of coincident, leading and lagging indicators of the economy.
They use monthly economic indicators such as employment, real personal income, manufacturing sales, and industrial productionrather than quarterly real Gross Domestic Product GDP.
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The financial press often states the definition of a recession as two consecutive quarters of decline in real GDP.
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CEPR dates the business cycle for the euro area as a whole and not for any individual country.
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