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