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Since the start of the recession, 8.8 million jobs have been lost, according to the Bureau of Labor Statistics. [10] In the U.S., jobs paying between $14 and $21 per hour made up about 60% those lost during the recession, but such mid-wage jobs have comprised only about 27% of jobs gained during the recovery through mid-2012.
The friendship recession is a decline in the number of friends people have in Canada and the United States. The decline first began in the late 20th century. This phenomenon is theorized to have a wide range of impacts on mental and physical health. [1]
Decline in external demand: For countries with strong export sectors, a decline in demand from major trading partners can trigger a recession. [50] Global spillover effects: Recessions in one part of the world can have spillover effects on other economies due to global interconnectedness.
A recession means the UK economy has shrunk for two three-month periods - or quarters - in a row.
Recession Period. Start. End. Total Time Elapsed. The Great Depression–Late ’20s and Early ’30s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 Financial Crisis
The number of unemployed people worldwide could increase by more than 50 million in 2009 as the global recession intensifies, the ILO has forecast. [18] In December 2007, the U.S. unemployment rate was 4.9%. [19] By October 2009, the unemployment rate had risen to 10.1%. [20]
The term recession is being thrown around a lot. Here are the basics.
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".