(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.
Country CLIs are compiled by combining de-trended smoothed and normalized components.
We interpret dates into recession shading data using one of three arbitrary methods.
All of our recession shading data is available using all three interpretations.
It shows a recession from the quarter following the peak through the quarter of the trough (i.e.