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Both recessions had high unemployment after the recessionary period had officially ended with unemployment rates of 12% and 11.4%, in 1983 and 1993, respectively. [20] Other sources describe the early 1990s recession as "the deepest in Canada since the Great Depression of the 1930s" naming it "the Great Canadian Slump of 1990–92." [21]
Unemployment continued to rise through June 1992, even though a positive economic growth rate had returned the previous year. [3] [4] Belated recovery from the 1990–1991 recession contributed to Bill Clinton's victory in the 1992 presidential election over incumbent President George H. W. Bush.
US unemployment rate, 1988–2011. Politically, the stagnant economy would doom President George H. W. Bush in the 1992 election, as Bill Clinton capitalized on economic frustration and voter fatigue after 12 years of Republican stewardship of the White House. Unemployment remained above 7% until July 1993, and above 6% until September 1994.
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]
April – The unemployment rate drops to 5.4%, the lowest since June 1974. April 1 – In Fort Wayne, Indiana, 8-year-old April Marie Tinsley is kidnapped and murdered. April 4 – Governor Evan Mecham of Arizona is convicted in his impeachment trial and removed from office.
US unemployment rate, 1973–1993 By early 1982, Reagan's economic program was beset with difficulties as the recession that had begun in 1979 continued. In the short term, the effect of Reaganomics was a soaring budget deficit .
US unemployment rate, 1988–2011. Early 2000 to 2001 saw the dramatic bursting of the dot-com bubble. Excitement over the prospects of Internet stocks had led to huge increases in the major indexes. However, dozens of start-up Internet companies failed as many of the lofty promises heralded by the new world of the Web failed to materialize.
Unemployment rates historically are lower for those groups with higher levels of education. For example, in May 2016 the unemployment rate for workers over 25 years of age was 2.5% for college graduates, 5.1% for those with a high school diploma, and 7.1% for those without a high school diploma.