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The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016.
In September 2007, approximately a year before the recession began, unemployment stood at 1,649,000. [32] By the end of 2008, that figure had risen to 1,860,000 - an increase of 211,000 and nearly 13%. [ 33 ]
The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. [40] [41] The economic crisis started in the U.S. but spread to the rest of the world. [35]
By the end of 2009 the unemployment rate for men was 10.7%, while women's unemployment peaked at 8.4%. [59] This trend of the "mancession" was seen in other countries as well; in 2008 605,000 of the 891,000 who lost their jobs in the United Kingdom were men. [60] The stress of unemployment affects men and women differently.
Annual rate of change of unemployment rate over presidential terms in office. From President Truman onward, the unemployment rate fell by 0.8% with a Democratic president on average, while it rose 1.1% with a Republican. [27] Job creation is reported monthly and receives significant media attention, as a proxy for the overall health of the economy.
On December 1, the National Bureau of Economic Research officially declared that the U.S. economy had entered recession in December 2007, a full year earlier. [1] (See late 2000s recession) The Labor Department said that the US lost 533,000 jobs in November 2008, the biggest monthly loss since 1974. This raised the unemployment rate from 6.5% ...
Conventional wisdom has always dictated that to lower inflation the unemployment rate needs to rise. So far inflation has fallen from the highs of 2022 to a much more manageable 3.1% in January ...
This 2007–2008 phase was called the subprime mortgage ... The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7 ...