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Beginning in 1854, the National Bureau of Economic Research dates recession peaks and troughs to the month.However, a standardized index does not exist for the earliest recessions.Although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U. recessions back to 1790 from business annals based on various contemporary descriptions.Their work is aided by historical patterns, in that recessions often follow external shocks to the economic system such as wars and variations in the weather affecting agriculture, as well as banking crises.And then, when I had inevitably had to fire him, he was shocked.And yeah, you could argue that he shouldn’t have been, but the fact remains that I didn’t tell him explicitly that it was coming, and I should have. Were you embarrassingly arrogant when you started a new job? Did you steal toilet paper from the office for your house when you were low on cash?Major modern economic statistics, such as unemployment and GDP, were not compiled on a regular and standardized basis until after World War II.
I had inherited an employee who was painfully slow, made regular mistakes, and didn’t respond to feedback.
In the 19th century, recessions frequently coincided with financial crises.
Determining the occurrence of pre-20th-century recessions is more difficult due to the dearth of economic statistics, so scholars rely on historical accounts of economic activity, such as contemporary newspapers or business ledgers.
These periods of recession were not identified until the 1920s.
To construct the dates, researchers studied business annals during the period and constructed time series of the data.