US recession odds

Replay each recession

What the two forecasts showed before each NBER peak since 1980.

The alarm line is 25%. The target window runs from 11 months before the peak through the peak; the recession begins the following month. The 12-month-before snapshot is context outside that window. Lead time is measured to onset. An already-high reading is not a new crossing. Missing early history is shown as missing.

Peak 1980-01 · onset 1980-02

yield-curve benchmark

First warning in the target window: 1980-01; prior month unavailable. 1 months before onset (0 before peak). Coverage: 1 of 12 eligible months.

yield-curve benchmark before 1980-01, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1979-01—
6 months1979-07—
3 months1979-10—
1 months1979-12—

12-block model

No warning observed in the available target window. Coverage: 1 of 12 eligible months.

12-block model before 1980-01, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1979-01—
6 months1979-07—
3 months1979-10—
1 months1979-12—

Peak 1981-07 · onset 1981-08

yield-curve benchmark

First warning in the target window: 1980-10; crossing. 10 months before onset (9 before peak). Coverage: 12 of 12 eligible months.

yield-curve benchmark before 1981-07, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1980-070.0%Already in recession
6 months1981-01100.0%
3 months1981-04100.0%
1 months1981-06100.0%

12-block model

First warning in the target window: 1980-09; crossing. 11 months before onset (10 before peak). Coverage: 12 of 12 eligible months.

12-block model before 1981-07, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1980-072.8%Already in recession
6 months1981-0123.5%
3 months1981-049.1%
1 months1981-0639.4%

Peak 1990-07 · onset 1990-08

yield-curve benchmark

First warning in the target window: 1989-08; already above. 12 months before onset (11 before peak). Coverage: 12 of 12 eligible months.

yield-curve benchmark before 1990-07, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1989-0798.8%
6 months1990-0182.9%
3 months1990-0447.0%
1 months1990-0669.4%

12-block model

First warning in the target window: 1990-02; crossing. 6 months before onset (5 before peak). Coverage: 12 of 12 eligible months.

12-block model before 1990-07, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months1989-0725.7%
6 months1990-0119.0%
3 months1990-0414.1%
1 months1990-067.3%

Peak 2001-03 · onset 2001-04

yield-curve benchmark

First warning in the target window: 2000-04; already above. 12 months before onset (11 before peak). Coverage: 12 of 12 eligible months.

yield-curve benchmark before 2001-03, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2000-0331.7%
6 months2000-0996.6%
3 months2000-1299.7%
1 months2001-0299.5%

12-block model

First warning in the target window: 2000-12; crossing. 4 months before onset (3 before peak). Coverage: 12 of 12 eligible months.

12-block model before 2001-03, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2000-033.8%
6 months2000-0911.9%
3 months2000-1233.7%
1 months2001-0249.9%

Peak 2007-12 · onset 2008-01

yield-curve benchmark

First warning in the target window: 2007-01; already above. 12 months before onset (11 before peak). Coverage: 12 of 12 eligible months.

yield-curve benchmark before 2007-12, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2006-1258.8%
6 months2007-0616.4%
3 months2007-0910.4%
1 months2007-1120.2%

12-block model

First warning in the target window: 2007-02; crossing. 11 months before onset (10 before peak). Coverage: 12 of 12 eligible months.

12-block model before 2007-12, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2006-1224.4%
6 months2007-0676.4%
3 months2007-0956.2%
1 months2007-1162.3%

Peak 2020-02 · onset 2020-03

2020: exogenous pandemic shock. Included here; excluded from the primary scorecard.

yield-curve benchmark

First warning in the target window: 2019-03; already above. 12 months before onset (11 before peak). Coverage: 12 of 12 eligible months.

yield-curve benchmark before 2020-02, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2019-0250.2%
6 months2019-0875.4%
3 months2019-1134.3%
1 months2020-0132.5%

12-block model

First warning in the target window: 2019-06; crossing. 9 months before onset (8 before peak). Coverage: 12 of 12 eligible months.

12-block model before 2020-02, probability from 0 to 100%; dashed alarm at 25%24 months before peakPeak
Before the peak
Lead to peakMonthForecastContext
12 months2019-0219.3%
6 months2019-0835.5%
3 months2019-1115.9%
1 months2020-0115.4%

False alarms and unresolved warnings

Every consecutive run at or above the alarm line outside a recession, including single months, with no recession onset within its target window. Unknown outcomes appear as unresolved warnings. Missing months, successful warnings, and recession months break a run. This strict monthly definition differs from the main page’s grouped episodes and post-recession exclusions. The 2022–2024 period is included.

yield-curve benchmark
EpisodeMonths above lineHighest forecastOutcome
1982-12 to 1982-12126.9%false alarm
1983-02 to 1983-03285.9%false alarm
1986-04 to 1986-04148.0%false alarm
1986-06 to 1986-07269.0%false alarm
1986-10 to 1987-03670.6%false alarm
1988-11 to 1989-07998.8%false alarm
1995-06 to 1995-07231.3%false alarm
1995-10 to 1996-02540.6%false alarm
1998-01 to 1998-03334.3%false alarm
1998-05 to 1999-031161.0%false alarm
2000-03 to 2000-03131.7%false alarm
2002-10 to 2002-10130.2%false alarm
2006-01 to 2006-03333.0%false alarm
2006-07 to 2006-12666.1%false alarm
2019-01 to 2019-02250.2%false alarm
2020-06 to 2020-09480.8%false alarm
2022-08 to 2024-042199.7%false alarm
2024-05 to 2024-12898.1%unresolved
2025-02 to 2025-111053.8%unresolved
12-block model
EpisodeMonths above lineHighest forecastOutcome
1988-11 to 1989-07958.0%false alarm
1995-11 to 1996-03535.5%false alarm
1996-06 to 1996-06134.7%false alarm
1996-08 to 1996-09233.8%false alarm
2006-11 to 2006-11126.8%false alarm
2011-07 to 2011-10467.2%false alarm
2020-05 to 2020-073100.0%false alarm
2022-05 to 2024-042483.0%false alarm
2024-05 to 2024-06237.0%unresolved
2024-08 to 2024-08131.3%unresolved
2024-11 to 2024-12235.7%unresolved

As of Oct 7, 2026. Computed from the published monthly back-test probabilities, rounded to four decimals. The pre-2010 record uses many later-revised inputs and is an optimistic ceiling. EBP back-history predates its 2012 publication and favors the benchmark. Overlapping 12-month targets are not independent observations.