Recession Since the 1950's

In the following diagram, we see the rates of growth and decline in the period since 1960. For this diagram, production is measured in a slightly different and more modern way: as Gross Domestic Product in 1992 dollars, computed on the basis of a chain index of Gross Domestic Product. The source for this information is the Federal Reserve Bank of St. Louis.

Figure 3 -- Change of Production Since 1960

For this diagram, we have data for each quarter, instead of year averages for the earlier period, so we see more fluctuation -- more "noise." Nevertheless, we can see the recessions of 1960-61, 1969-70, 1973-74, 1980, 1981-82, and 1990-91, as documented by the National Bureau of Economic Research.

Recessions as a Macroeconomic Problem