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In 2001, for example, the recession did not include two consecutive quarters of decline in real GDP.In the recession beginning in December 2007 and ending in June 2009, real GDP declined in the first, third, and fourth quarters of 2008 and in the first quarter of 2009.

The time in between is a recession, a period when economic activity is contracting. As of September 2010, when we decided that a trough had occurred in June 2009, the economy was still weak, with lingering high unemployment, but had expanded considerably from its trough 15 months earlier.A: The committee's procedure for identifying turning points differs from the two-quarter rule in a number of ways.First, we do not identify economic activity solely with real GDP and real GDI, but use a range of other indicators as well.Second, we place considerable emphasis on monthly indicators in arriving at a monthly chronology.Third, we consider the depth of the decline in economic activity.

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