Trough
This is the phase where the recession is ending and the recovery or expanding economy is beginning.
Expansion
This is the phase of economic growth with improvements in key factors such as employment rate, wages, business, and personal investment.
Peak
This is the phase where the recovery phase is ending and the recession or contracting phase of the economy is beginning.
Contraction
This is the phase where there are declines in economic growth and other key economic factors, which can cause increased unemployment and decreased consumer spending or consumer confidence.
