Business cycles:a) are always the same in duration and intensity.b) are always the same in…

➤ How do economists determine the current phase of a business cycle?
Economists use multiple indicators to identify the cycle phase. Key data include real GDP growth, unemployment rate, industrial production, retail sales, and inflation. Leading indicators like new orders and stock prices signal turning points. Analysts also examine peak and trough dates defined by agencies that consider several months of data to confirm a phase change.