Difference between revisions of "Recession of 2008"

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The '''Recession of 2008''' is a major worldwide economic downturn that was caused by the [[Financial Crisis of 2008]].
 
The '''Recession of 2008''' is a major worldwide economic downturn that was caused by the [[Financial Crisis of 2008]].
 
==Unemployment==
 
==Unemployment==
 +
After reaching a low of 4.1% in October, 2006, the U.S. unemployment rate has been trending upward. Analysts from the National Bureau of Economic research say that the current nation-wide recession began a full year ago; the economy peaked in December, 2007. This recession is expected to continue into 2010. Unemployment reached 6.5% in November 2008 and could reach 9% or even higher in 2009. Unemployment has already reached 8% and higher in some industrial areas of the U.S. and the West Coast.
 
[[Image:Uenmployed2008.jpg|thumb|530px]]
 
[[Image:Uenmployed2008.jpg|thumb|530px]]
  
The unemployment rate nationally in November 2008 was 6.5%, shown in dark blue. Michigan had the highest unemployment at over 9%. In the West, California, Oregon, and Nevada all had relatively high unemployment levels, all around 8%.
+
The unemployment rate nationally in November 2008 was 6.5%, shown in chart below in dark blue. Michigan had the highest unemployment at over 9%. In the West, California, Oregon, and Nevada all had relatively high unemployment levels, all around 8%.
  
 
[[Image:U-states-08.jpg|thumb|430px]]
 
[[Image:U-states-08.jpg|thumb|430px]]

Revision as of 19:13, 24 December 2008

The Recession of 2008 is a major worldwide economic downturn that was caused by the Financial Crisis of 2008.

Unemployment

After reaching a low of 4.1% in October, 2006, the U.S. unemployment rate has been trending upward. Analysts from the National Bureau of Economic research say that the current nation-wide recession began a full year ago; the economy peaked in December, 2007. This recession is expected to continue into 2010. Unemployment reached 6.5% in November 2008 and could reach 9% or even higher in 2009. Unemployment has already reached 8% and higher in some industrial areas of the U.S. and the West Coast.

Uenmployed2008.jpg

The unemployment rate nationally in November 2008 was 6.5%, shown in chart below in dark blue. Michigan had the highest unemployment at over 9%. In the West, California, Oregon, and Nevada all had relatively high unemployment levels, all around 8%.

U-states-08.jpg


References