Fall of GDP by two quarters in 1947

Using the latest data vintages:

Figure 1: GDP in Ch2012$ (blue bar), non-farm employment (blue), industrial production (yellow), all in logs 1947M02=0. All latest vintages. Source: BEA, BLS and Federal Reserve via FRED and author’s calculations.

Official GDP recorded a decline of 1% and 0.8% in the second and third quarters (SAAR). This period is not defined as a recession NBER BCDC.