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Job losses caused by the Great Recession refers to jobs that have been lost worldwide within people since the start of the Great Recession.In the US, job losses have been going on since December 2007, and it accelerated drastically starting in September 2008 following the bankruptcy of Lehman Brothers. [1]
The average numbers for European Union nations are similar to the US ones. Some European countries have been hit by recession very hard, for instance Spain's unemployment rate reached 18.7% (37% for youths) in May 2009 — the highest in the eurozone. [24] [25] In the UK, youths bore the brunt of unemployment during the recession. [26]
The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009. Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries ...
Moody’s Analytics Chief Economist Mark Zandi examines the Fed's rate hike outlook while maneuvering through recession worries, wage demands, and concerns in the labor market.
For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. [49] Full-time employment did not regain its pre-crisis level until August 2015. [51] 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 ...
The loss left the fund with a year-end value of $440 billion, or 72% of what it would need to pay all its long-term obligations. That’s down from 80% a year ago, when the fund was worth $469 ...
The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for more than a year.
For example, the NBER didn't declare the recent pandemic-related recession in March 2020 an official recession until July 2021. The contrarian: Michael Burry of "The Big Short" fame in 2015.