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Three months dating

The second was that real GDI is a more comprehensive measure of income than real personal income less transfers, as it includes additional sources of income such as undistributed corporate profits.

The average of real GDP and real GDI reached its low point in the second quarter of 2009.

The trough marks the end of the declining phase and the start of the rising phase of the business cycle.

Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.

Previously the longest postwar recessions were those of 1973--82, both of which lasted 16 months.

In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity.

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The committee waited to make its decision until revisions in the National Income and Product Accounts, released on July 30 and August 27, 2010, clarified the 2009 time path of the two broadest measures of economic activity, real Gross Domestic Product (real GDP) and real Gross Domestic Income (real GDI).