The last recession, which began in April 1990, poses particular dating problems. After four quarters of unambiguous decline and one quarter of unambiguous growth, the economy neither grew nor shrank meaningfully for six quarters, although employment continued to fall. We have dated the end of that recession to the second quarter of 1992, when employment reached its trough.
In recent years, the term SOFT LANDING is popularly used to descibe a business cycle phase when economomic growth slows sharply but does not turn negative, while inflation falls or remains low. Soft landings are considered the "holy grail" of policy makers, who want sustained growth without the cost of recurring resecssions. Central banks are thus always trying for soft landings at the end of expansions.
Post-War Periods of Economic Slowdown and Recession in Canada
Dates---------------Duration----Highest Unemployment Rate(%)
June51-Dec51--------7mon--------3.6
June53-June54-------13----------5.2
Feb57-Jan58---------12----------6.5
Apr60-Jan61---------10----------7.7
Feb70-Sept70--------8-----------6.7
June74-Mar75--------10----------7.2
Nov79-June80--------8-----------7.8
July81-Dec82--------18----------12.7
Apr90-Mar92---------23----------11.5
?2001-?-------------?-----------?
In recent years, the term SOFT LANDING is popularly used to descibe a business cycle phase when economomic growth slows sharply but does not turn negative, while inflation falls or remains low. Soft landings are considered the "holy grail" of policy makers, who want sustained growth without the cost of recurring resecssions. Central banks are thus always trying for soft landings at the end of expansions.
Post-War Periods of Economic Slowdown and Recession in Canada
Dates---------------Duration----Highest Unemployment Rate(%)
June51-Dec51--------7mon--------3.6
June53-June54-------13----------5.2
Feb57-Jan58---------12----------6.5
Apr60-Jan61---------10----------7.7
Feb70-Sept70--------8-----------6.7
June74-Mar75--------10----------7.2
Nov79-June80--------8-----------7.8
July81-Dec82--------18----------12.7
Apr90-Mar92---------23----------11.5
?2001-?-------------?-----------?
