Unemployment Rates During The Great Recession

The largest cause of unemployment can be attributed to recession. The term recession refers to the backward movement of the economy for a long period. People spend only when they have to. (Nagle 2009). With people spending less there would be less money in circulation therefore, enterprises would suffer financially and people would suffer too. This is so because recession reduces the fiscal bases of enterprises, forcing these enterprises to reduce their workforce through layoffs. These enterprises lay off their workers in order to cut the costs they incur in terms of wage and salary payments.

Usually children have the role of just playing, studying, and maybe some chores to help around the house. While this is the case of many households, during this time of stock crash, children had the equal role of an adult. Infact there were cases where, “the male figure in the family lost his job, and other family members such as the wife or children often attempted to obtain work” (Stull) Although working at a child’s age may not surprise many as it may already be a custom to others, the reversed roles of the children nonetheless affected the way children viewed their life. It is said that,“during the Great Depression an estimated 250,000 youths left home to search for work”(Farm Security Administration/Office of War Information) Children that started off with a no money life, may have not even had a childhood filled with games and laughter, but instead filled with cries and pleads for jobs. Typically, “they often began washing dishes and doing other chores around the house and/or on the farm by the age of five and were able to do most jobs like adults by the time they were teens.. they often worked alongside their parents, helping with gardening, canning, cleaning, ironing, cooking, chopping wood, farming and performing many other different jobs. It was a natural way of life as they grew older.” (Stull). Like cause and effect, the strain from child labor, causes the children to have bad health, and poor health prevents them to have time for education. Within the strict schedule the children have, the word play or rest, hardly exists. The child labor they go through does not provide any time for rest, therefore impacting the childhood as it creates only

As people became unemployed, the economy suffered because these workers were unable to purchase things. For example, Document 4 shows that at the beginning of 1933, the US employment percentage was above a quarter of the population, and from 1931 to 1940 the unemployment percentage was in the double digits. These large unemployment percentages had a devastating effect on companies who were trying to sell their products to consumers who are always a major driver of the economy. High unemployment along with the stock market crash were a few of the main causes of the Great

After researching The Great Depression, I came to find that one of the causes was that people purchased less products because money was becoming scarce. So with people not purchasing the merchandise that is on the market they held back on making the product, which lead to them firing people because the lack of demand. There became a large amount of unemployment in America reaching about 25% unemployment at the depths of the depression to about 11% by the late 1930s. America was still depressed until World War 2 came around.

From what is supposedly being shown in papers and on the news the U.S. economy is currently concerned about unemployment, caused by the recession. This “current macroeconomic situation” is pardoning my language freaking a lot of individuals out, because some have no idea of how it is going to get better. The news/media is not painting us such a pretty picture of it, by calling it “this decade’s depression”. The unemployment rate is at 8.2% as of July 2012, whereas the average in 1948 was at 5.6%.

Unemployment rate, one of the biggest macroeconomic indicators. Unemployment rate controls the rate of the economy, or GDP. If unemployment rate drops from 9.1% to under 5%, the entire economy would benefit. The job market would increase, total products produced would increase, and the overall standard of living would also increase. Employment is a key economic factor that affects all things economic.

Since the early 2000’s the unemployment rates of the United States have been constantly changing. For most of this time unemployment rates were increasing at a quick pace as the country was dealing with internal financial issues of its own. When people are out of work the rates of depression and crime seem to skyrocket. This is due to the lack of funds coming into a home which result in some less than admirable acts being committed. There are many causes of unemployment and many effects that unemployment can have on not only our economy, but our personal lives as well.

Today the United States Americans more than ever; there is a constant fear of an awaiting recession due to the economy. The recession in the later 2000’s has been known as the greatest economic decline since the Great Depression. The United States of America, the banks and businesses are not able to succeed and are failing due to the market. Many people across America cannot afford their homes or bills due to the unemployment rate that seems to keep increasing. Many people blame this on the higher oil or gas prices, and the wars that the United States acts on. The recession has overall declined our economic activity in business profits, employment, and investment. This is all due to our falling market, and the rise of prices that so many Americans cannot afford.

Unemployment was one of the biggest impacts on the depression. Millions of people lost jobs. Forty percent of factory workers, and sixty-seven percent of construction workers were unemployed in Ohio alone (Stock Market Crash of 1929). In the country, unemployment went up twenty-five percent, wages went down forty-two percent, economic growth went down fifty percent, and world trade went down sixty-five percent. In the cities, factories and businesses got rid of a large number of employees or closed down altogether. Cities were not the only ones who felt the impact of the depression. Farmers faced low prices for their products, and many people still could not afford the farmer’s products, resulting in farm foreclosures across the United States.

The United States is a country that over the years has relied on its economic stability to continue providing acceptable living for its citizens and continue its leadership of the free world. This country went through an economic depression which lasted several years throughout the 1920’s and the 1940’s but successfully recovered from it after World War II. An economic boom in the 1990’s during George Clinton’s Presidency the federal budget was managed to be balanced and helped increase the economic crisis of the United States. The recovery did not last long as the United Stated went through a huge recession during George Bush’s Presidency in what many experts called the “Great Recession” which affected many especially businesses and middle class citizens. Although today many consider the recession to be over the effects of it can still be felt today specially by many middle class families like my own. I come from a small family of three which includes my parents and me. My family comes from minimum wage salaries and have been part of same line of work for many years however, the amount of necessities the family can afford has definitely changed. For example, the amount of groceries you can buy nowadays with a $20 bill is much less than those of the 1990‘s. The price of gas has certainly gone up which has caused many companies to outsource jobs or close down. My dad was laid off his dream job due to budgets cuts while my mom’s working hours have been reduced. As a result my

The Great Recession that began in 2007 introduced people to a feeling not since felt since the Great Depression of the 30’s and 40’s. It reintroduced a new generation to the realization that we cannot take anything for granted. It sprung up fears in a fearless population, and out of it born a stress like no other. We can harness that stress; we own it as individuals, employees, as employers, as caretakers of the future.

Americans' agreement that money and wealth need to be more evenly distributed reached a high point of 68% in April 2008, in the last year of the George W. Bush administration, and just before the full effects of the Great Recession began to take hold. Americans became slightly less likely to agree with the idea later that year and in surveys conducted in 2009, 2011 and 2013. This year's increase to 63% is close to the average of 62% agreement across the 13 times Gallup has asked the question since 1984. The latest data are from Gallup's April 9-12 Economy and Personal Finance

Everybody in the United Stated was affected by the recession that began in December of 2007 and spanned all the way to June 2009. Even though the recession is over, many people are still being affected by it and have still not been able to recover from the great recession. “The recent recession features the largest decline in output, consumption, and investment, and the largest increase in unemployment, of any post-war recession”. Many people lost their jobs due to the recession and some of them are still having a hard time finding jobs and getting back on their feet. Businesses

The United States is currently experiencing a slow recovery from the recession of 2008-09. The current unemployment rate is 7.7%, which is the lowest level since December of 2008 (BLS, 2012). However, this rate is believed to higher than the rate that would occur if the economy was operating at peak efficiency, and it is also believed that there are structural issues still underpinning this performance. For example, the number of Americans who have exited the work force as the result of prolonged unemployment is believed to be higher than usual. In addition, the Congressional Budget Office (CBO, 2012) notes that long-term unemployment of greater than 26 weeks is at a much higher rate than normal, which will have adverse long-run effects on the economy, since workers with long-term unemployment often find their career paths derailed.

Since the 2008 financial crisis and the recession that followed in 2009 there has been a high unemployment rate among the youth. Canada’s unemployment rate is sitting at an all high time of 11.8%. (TD Economics) The unemployment rate specifically for youth aged 15 to 24 years old has climbed approximately 24.4%. (TD Economics) The impact of youth unemployment is long lasting and can harm an individual’s career opportunities. Economists have conducted a research which determines that the period of unemployment in an individual’s life will negatively impact them in the future because they will earn lower wages. For example, if you are a college or university graduate in Canada who is in a recession the unemployment rate will rise by about 5%, that implies a loss in earnings of about 9% annually. (TD Economics) If the social