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A jobless recovery or jobless growth is an economic phenomenon in which a macroeconomy experiences growth while maintaining or decreasing its level of employment. The term was coined by the economist Nick Perna in the early 1990s.
Job losses and unemployment continued to rise and peaked at 7.8% in June 1992. Gross domestic product grew at a slow and erratic pace in the year that followed the official March 1991 end of the recession, but picked up pace in 1992. Exports, typically a driver of economic recovery, weakened due to persistent economic problems in Europe and ...
During the recovery period, the economy goes through a process of economic adaptation and change to new circumstances, including the reasons that caused the recession in the first place, as well as the new policies and regulations enacted by governments and central banks in reaction to the recession.
Over the course of the recession, manufacturing shed 1.1 million jobs, with the recession posting a total loss of 1.3 million jobs, representing 1.2% of payrolls. [3] The automotive industry, already in a poor position due to weak sales in 1979, shed 310,000 jobs, representing 33% of that sector. Construction declined by a similar 300,000.
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [2] [1] [3] Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, [3] the US savings and loan crisis, and a general adoption of neoliberal ...
An example of this effect was seen during economic crises such as the 2008 financial crash, when panic induced sell-offs heavily impacted market stability. The period prior to the Great Recession had a "decade-long expansion in US housing market activity peaked in 2006 [4]," which came to a halt in 2007. As the trends prior to 2008 hinted at ...
Obama presents his first weekly address as President of the United States on January 24, 2009, discussing the American Recovery and Reinvestment Act of 2009 Job Growth by U.S. president, measured as cumulative percentage change from month after inauguration to end of term. 2016 was the first year U.S. real (inflation-adjusted) median household income surpassed 1999 levels.
Front page of the National Industrial Recovery Act, as signed by President Franklin D. Roosevelt on June 16, 1933. The National Industrial Recovery Act of 1933 (NIRA) was a US labor law and consumer law passed by the 73rd US Congress to authorize the president to regulate industry for fair wages and prices that would stimulate economic recovery.