The most recent recession in the United States began in December 2007 and ended in June 2009. The Great Recession, as it is also known, was caused by a number of factors, including the bursting of the housing bubble, the subprime mortgage crisis, high oil prices, and the failure of Lehman Brothers. While the recession technically ended in 2009, many Americans continue to feel its effects, particularly in terms of job security and wage growth.
The 2007 – 2009 recession was the longest recession since World War II. The recession was caused by a number of factors, including the bursting of the housing bubble, the subprime mortgage crisis, high oil prices, and the global financial crisis. As a result of the recession, millions of Americans lost their jobs and homes, and the economy shrank by more than 3 percent.
Causes of the most recent recession in the United States :
The 2007 – 2009 recession was caused by a combination of factors, including the subprime mortgage crisis, the bursting of the housing bubble, and the global financial crisis.
The subprime mortgage crisis was a major cause of the recession. It began in the early 2000s, when lenders started offering subprime loans to borrowers with poor credit. This led to a surge in the number of people defaulting on their mortgages, and the foreclosure rate began to rise.
The housing bubble was another major cause of the recession. It began in the early 2000s, when home prices started to rise at an unsustainable rate. This led to a decrease in demand for homes, and the prices of homes began to fall.
The global financial crisis was the final cause of the recession. It began in 2007, when financial markets around the world began to experience a sharp decrease in value. This led to a decrease in lending, and the United States economy entered a recession.
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Impact of the most recent recession in the United States :
The most recent recession in the United States lasted from December 2007 to June 2009. This was the longest and deepest recession since the Great Depression. The recession had a profound impact on the economy and the American people.
The recession caused a sharp increase in unemployment. The unemployment rate peaked at 10.0% in October 2009, the highest level since 1983. The number of unemployed Americans increased by 8.7 million during the recession. The recession also led to a sharp increase in the number of people who were underemployed, meaning they were working part-time but wanted to work full-time.
The recession also caused a decrease in wages and salaries. Inflation-adjusted wages and salaries fell by 2.8% from 2008 to 2009. This was the largest one-year decrease since the early 1980s. The recession also led to a decline in the number of hours worked and a decrease in the amount of overtime worked.
The recession had a devastating impact on the housing market. Home prices peaked in 2006 and then fell sharply during the recession. By the end of 2008, home prices had fallen by about 20%. This caused a sharp increase in the number of foreclosures.
Conclusion :
The Great Recession, as it is often called, was the worst economic downturn since the Great Depression of the 1930s. It was triggered by a housing market crash and a financial crisis. The recession led to widespread job losses, lower incomes, and higher poverty rates. It also caused a decrease in government revenue and an increase in government debt. The recession had a major impact on the U.S. economy, but it also affected economies around the world. The global financial crisis that began in 2007 was a major contributor to the Great Recession. The United States has experienced several other recessions since the Great Depression, but the Great Recession was by far the worst.
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