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Q: How does the committee weight employment in determining the dates of peaks and troughs? In the 2007-2009 recession, the central indicators–real GDP and real GDI–gave mixed signals about the peak date and a clear signal about the trough date.

The peak date at the end of 2007 coincided with the peak in employment.

How does that relate to the NBER's recession dating procedure?

A: Most of the recessions identified by our procedures do consist of two or more quarters of declining real GDP, but not all of them.

For example, the unemployment rate reached its lowest level prior to the December 2007 peak of activity in May 2007 at 4.4 percent and climbed to 5.0 percent by December 2007.

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In the 2001 recession, we found a clear signal in employment and a mixed one in the various measures of output.Our injury lawyers work from offices in Raleigh, Fayetteville, Dunn and Clinton.

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