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Apart from a random statistical discrepancy, real GDI satisfies that equality while real personal income does not.The committee also maintains a quarterly chronology of business cycle peak and trough dates.In particular, in 2001-03, the trough in payroll employment occurred 21 months after the NBER trough date.In 2009, the NBER trough date is 6 months before the trough in payroll employment.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.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 committee's use of income-side measures, notably real GDI, is based on the accounting principle that the value of output equals the sum of the incomes that arise from producing the output.
The committee concluded that the behavior of the quarterly series for real GDP and GDI indicates that the trough occurred in mid-2009.
Identifying the date of the trough involved weighing the behavior of various indicators of economic activity.
The estimates of real GDP and GDI issued by the Bureau of Economic Analysis of the U. Department of Commerce are only available quarterly.
Real GDP reached its low point in the second quarter of 2009, while the value of real GDI was essentially identical in the second and third quarters of 2009.
The average of real GDP and real GDI reached its low point in the second quarter of 2009.