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Several major U.S. economic variables had recovered from the 2007-2009 Subprime mortgage crisis and Great Recession by the 2013-2014 time period. The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80]
The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. [ 98 ] A key dynamic slowing the recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case.
Unemployment rate at start of presidency Unemployment rate at end of presidency Change in unemployment rate during presidency (percentage points) Harry S. Truman (data available for 1948–1953 only) Democratic: 1945–1953 3.4% (for January 1948) 2.9% −0.5 (from January 1948 to January 1953) Dwight D. Eisenhower: Republican: 1953–1961 2.9% ...
For unemployment to be reduced to 6%, 13 million private sector jobs must be added over 3 years, meaning annual growth of 4-5% required. [144] May 13, 2011: Portugal; Portugal slips into double-dip recession after the economy contracted by 0.7% in the first quarter of 2011, with a 0.6% contraction in the last quarter of 2010. [145]
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.
The U.S. unemployment rate ticked up to 4.1% in June from 4% in the prior month, nearly triggering a reliable recession indicator. While unemployment is still historically low, its rate of ...
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession). [40]
The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020.