Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

The State of Working America

  • Broadcast in Management
  • 0 comments
Jim White

Jim White

×  

Follow This Show

If you liked this show, you should follow Jim White.
h:193875
s:2788975
archived

The Great Recession—which officially lasted from December 2007 to June 2009—began with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led to sharp cutbacks in consumer spending. This loss of consumption, combined with the financial market chaos triggered by the bursting of the bubble, also led to a collapse in business investment. As consumer spending and business investment dried up, massive job loss followed. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs, or 6.1% of all payroll employment. This was the most dramatic employment contraction (by far) of any recession since the Great Depression. By comparison, in the deep recession that began in 1981, job loss was 3.1%, or only about half as severe.

Comments

 comments