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 01:13, December 25, 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.
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%.
