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The Economy in Perspective

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"Spring is here. Why doesn’t my heart go dancing?"

- Lorenz Hart, U.S. songwriter

According to the National Bureau of Economic Research, an independent organization that dates U.S. business cycle peaks and troughs, economic activity peaked in March 2001 and declined until November 2001. By that account, more than two years have passed since the recession’s trough, and three years since the previous cycle’s peak. How has the business cycle progressed?


Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-03, pp. 01, 03.01.2004.

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