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This time series is an interpretation of Organisation of Economic Development (OECD) Composite Leading Indicators: Reference Turning Points and Component Series data provided by the OECD at

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Starting from December 2008 the turning point detection algorithm is decoupled from the de-trending procedure, and is a simplified version of the original Bry and Boschan routine.

(The routine parses local minima and maxima in the cycle series and applies censor rules to guarantee alternating peaks and troughs, as well as phase and cycle length constraints.)The components of the CLI are time series which exhibit leading relationship with the reference series (IIP) at turning points.

As noted above, you may add other data series to this line before entering a formula.

See Methodology Does CEPR use a different approach to NBER?

This series is used because of its cyclical sensitivity and monthly availability, while the broad based Gross Domestic Product (GDP) is used to supplement the IIP series for identification of the final reference turning points in the growth cycle.

Zones aggregates of the CLIs and the reference series are calculated as weighted averages of the corresponding zone member series (i.e. Up to December 2008 the turning points chronologies shown for regional/zone area aggregates or individual countries are determined by the rules established by the National Bureau of Economic Research (NBER) in the United States, which have been formalized and incorporated in a computer routine (Bry and Boschan) and included in the Phase-Average Trend (PAT) de-trending procedure.For daily data, the recession begins on the first day of the month of the peak and ends on the last day of the month preceding the trough. A version of this time series represented using the peak method can be found at:https://fred.stlouisfed.org/series/EURORECPThe OECD CLI system is based on the "growth cycle" approach, where business cycles and turning points are measured and identified in the deviation-from-trend series.The main reference series used in the OECD CLI system for the majority of countries is industrial production (IIP) covering all industry sectors excluding construction.Subsequent data revisions have erased these declines.Why doesn’t the Committee accept the two-quarter definition?As an example, the Committee has identified the period from the first quarter in 1980 to the third quarter in 1982 as a recession, despite the fact that real GDP was growing in some quarters during that episode and that real GDP was higher at the end of the recession than at the beginning.

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