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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 decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.

The basis for this decision was the length and strength of the recovery to date.

In particular, in 2001-03, the trough in payroll employment occurred 21 months after the NBER trough date.

The committee designated June as the month of the trough based on several monthly indicators.

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.

In both the 2001- cycles, household employment also reached its trough later than the NBER trough date.

The committee noted the contrast between the June trough date for the majority of the monthly indicators and the October trough date for real personal income less transfers.

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