Business Cycle Properties of Major Macro Variables

This page provides charts showing the properties of major business cycle indicators. Peaks and troughs of the business cycle are shown in the charts: they suggest the to the direction of the indicator relative to the business cycle (procyclical, counter-cyclical, acyclical) and the timing of the indicator (coincident, lagging or leading indicator).
    In the figure a blue (up) triangle represents a Peak of the business cycle while a red (down) triangle represents a Trough of the business cycle.
    Industrial production is pro-cyclical and coincident; both consumption and investement are pro-cyclical with investment more sensitive than consumption to the business cycle, as durable goods are a larger fraction of investment than of consumption; capacity utilization is procyclcial; employment is procyclical and coincident; the unemployment rate is countercyclical; the inflation rate is pro-cyclical and lags the business cycle (it tends to build up during an expansion and fall after the cyclical peak); the short-term nominal interest rate is procyclical and lagging; corporate profits are very pro-cyclical as they tend to increase during booms and strongly fall during recessions.

WEB Source of tables: Business Cycle Indicators.