In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.The Committee's use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures.Still, a well-defined peak or trough in real sales or IP might help to determine the overall peak or trough dates, particularly if the economy-wide indicators are in conflict or do not have well-defined peaks or troughs.
The Committee does not have a fixed definition of economic activity.
On the other hand, blacks have made progress relative to whites in other important realms.
The gap in high school completion between blacks and whites has narrowed, as has the white-black gap in life expectancy.
This represents a modest increase from 1967, when median black income was 55% of white income.
Since then, black income has ranged from 54% of white incomes to 65% (in 2000, during a period of economic growth and low unemployment).
The Hispanic-white poverty gap has narrowed somewhat since 1974, when Hispanic poverty was 3.0 times white poverty, compared with 2.6 times in 2011.