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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.
In 2009, the NBER trough date is 6 months before the trough in payroll employment.
Real GDP reached its low point in the second quarter of 2009, while the value of real GDI was essentially identical in the second and third quarters of 2009.
The average of real GDP and real GDI reached its low point in the second quarter of 2009.
The trough marks the end of the declining phase and the start of the rising phase of the business cycle.
Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.
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