Introduction to U.S. Economy: The Business Cycle and Growth [Updated July 31, 2020]   [open pdf - 496KB]

From the Document: "On June 8, 2020, the National Bureau of Economic Research (NBER), an independent, nonprofit, research group, determined that economic activity in the U.S. peaked in February 2020 and that the economy subsequently entered into a recession in the same month. On a quarterly basis, economic activity peaked in the fourth quarter of 2019. This In Focus discusses the business cycle, how recessions are determined, and potential causes and effects of these fluctuations in the economy."