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The 1815 panic was followed by several years of mild depression, and then a major financial crisis – the Panic of 1819, which featured widespread foreclosures, bank failures, unemployment, a collapse in real estate prices, and a slump in agriculture and manufacturing. [ 9 ] 1822–1823 recession. 1822–1823. ~1 year.
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions ...
The Labor Department estimates that as a result of the recession, the economy shed 1.623 million jobs or 1.3% of non-farm payrolls. The bulk of these losses were in construction and manufacturing. [2] Among the hardest hit regions were the New England states and the West Coast, while the Midwest and south central regions were less affected. [6]
However, private economic activity expanded at a brisk pace throughout this period. The expansion lasted just over three years, followed by another brief recession in late 1948. Oct 1949–. July 1953. 45. +4.4%. +6.9%. The United States exited recession in late 1949, and another robust expansion began.
US unemployment rate, 1973–1993. The United States entered recession in January 1980 and returned to growth six months later in July 1980. [1] Although recovery took hold, the unemployment rate remained unchanged through the start of a second recession in July 1981. [2] The downturn ended 16 months later, in November 1982. [1]
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation , in which high unemployment and high inflation existed simultaneously.
v. t. e. A balance sheet recession is a type of economic recession that occurs when high levels of private sector debt cause individuals or companies to collectively focus on saving by paying down debt rather than spending or investing, causing economic growth to slow or decline. The term is attributed to economist Richard Koo and is related to ...
June 9, 2010: Hungary. Hungary leaves the recession after experiencing 0.9% growth in the first quarter as a result of growing exports and effective government spending measures. [123] June 9, 2010: Finland. Finland falls back into a state of recession after GDP contracted 0.4% in Q1 2010 and 0.2% in Q4 2009.