It was not until the subsequent eight months that the revisions in the GDP data which revealed declining real GDP for the first, second, and also the third quarters of the year 2001." ("NBER's Recession Dating Procedure," 2003) the graphs showing Quarterly real GDP, Real Personal Income less Transfers and Payroll Employment is stated in Exhibit -I, Exhibit -II, and Exhibit -III repectively. ("NBER's Recession Dating Procedure," 2003)

VI. Economically driven recession v. Entrepreneurs and consumers perception of recessions:

Economically driven recession:

The U.S. recession following March 2001 and after the 9/11 incident is considered to have clinched the decision regarding recession marked by a sudden decline in economic activity. According to the indexed value of the "net agricultural payroll employment in the U.S., by March 2001, the official cyclical peak equals to 100." "The job losses were quite modest through the 3rd quarter, but took the turn for a...
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