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Great Recession in the United States information


Part of a series on the
Great Recession
Major aspects
  • Subprime mortgage crisis
  • 2000s energy crisis
  • 2000s United States housing bubble
  • 2000s United States housing market correction
  • 2007–2008 financial crisis
  • 2008–2010 automotive industry crisis
  • Dodd–Frank Wall Street Reform and Consumer Protection Act
  • European debt crisis
Causes
  • Causes of the European debt crisis
  • Causes of the 2000s United States housing bubble
  • Credit rating agencies and the subprime crisis
  • Government policies and the subprime mortgage crisis
Summit meetings
  • 34th G8 summit (July 2008)
  • G-20 Washington summit (November 2008)
  • APEC Peru (November 2008)
  • China–Japan–South Korea trilateral summit (December 2008)
  • G-20 London Summit (April 2009)
Government response and policy proposals
  • 2008 European Union stimulus plan
  • 2008–2009 Keynesian resurgence
  • American Recovery and Reinvestment Act of 2009
  • Banking (Special Provisions) Act 2008
  • Chinese economic stimulus program
  • Economic Stimulus Act of 2008
  • Emergency Economic Stabilization Act of 2008
  • Federal Reserve responses to the subprime crisis
  • Government intervention during the subprime mortgage crisis
  • Green New Deal
  • Housing and Economic Recovery Act of 2008
  • National fiscal policy response to the Great Recession
  • Regulatory responses to the subprime crisis
  • Subprime mortgage crisis solutions debate
  • Term Asset-Backed Securities Loan Facility
  • Troubled Asset Relief Program
Business failures
  • American International Group
  • Chrysler
  • Citigroup
  • Fannie Mae
  • Freddie Mac
  • General Motors
  • Lehman Brothers
  • Royal Bank of Scotland Group
  • UBS
Regions
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    • South America
    • United States
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Timeline
  • v
  • t
  • e
This article is part of a series on the
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  • Great Recession in the United States Category
  • Great Recession in the United States Portal
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In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[1] along with restrained government spending following initial stimulus efforts.[2] It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.

According to the Department of Labor, roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression. The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales").[3] Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.[4] Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.[5] The total number of jobs did not return to November 2007 levels until May 2014.[6] Some areas, such as jobs in public health, have not recovered as of 2023.[7]

Households and non-profit organizations added approximately $8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.[8] However, the debt held by the public rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.[9][10] President Barack Obama declared the bailout measures started under the Bush Administration and continued during his Administration as completed and mostly profitable as of December 2014.[11]

  1. ^ "Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011". The Washington Post. Archived from the original on January 3, 2021. Retrieved March 22, 2018.
  2. ^ Cite error: The named reference Bernanke_Recovery was invoked but never defined (see the help page).
  3. ^ "Business Cycle Dating Committee, National Bureau of Economic Research". 20 September 2010. Archived from the original on 2021-03-02. Retrieved 2018-03-09.
  4. ^ "FRED-Real GDP-Retrieved March 22, 2018". Archived from the original on July 5, 2016. Retrieved March 22, 2018.
  5. ^ "Civilian Unemployment Rate". January 1948. Archived from the original on 2016-05-28. Retrieved 2015-10-05.
  6. ^ "FRED-All Employees Total Non-Farm-Retrieved March 22, 2018". Archived from the original on May 12, 2019. Retrieved January 23, 2018.
  7. ^ Leider, Jonathon P.; Yeager, Valerie A.; Kirkland, Chelsey; Krasna, Heather; Hare Bork, Rachel; Resnick, Beth (1 April 2023). "The State of the US Public Health Workforce: Ongoing Challenges and Future Directions". Annual Review of Public Health. 44 (1): annurev–publhealth–071421-032830. doi:10.1146/annurev-publhealth-071421-032830. ISSN 0163-7525. PMID 36692395. S2CID 256192725. Archived from the original on 15 April 2023. Retrieved 14 March 2023.
  8. ^ "FRED-Households and Non-Profit Organizations Debt-retrieved March 22, 2018". Archived from the original on January 19, 2018. Retrieved March 22, 2018.
  9. ^ "CBO-Budget and Economic Outlook: 2017-2027 January 24, 2017". 24 January 2017. Archived from the original on August 15, 2021. Retrieved March 21, 2018.
  10. ^ "FactCheck.org-Brooks Jackson-Obama's Final Numbers-September 29, 2017". Archived from the original on March 29, 2020. Retrieved March 21, 2018.
  11. ^ Weisman, Jonathan (19 December 2014). "New York Times-U.S. Declares Bank and Auto Bailouts Over, and Profitable-December 19, 2014". The New York Times. Archived from the original on November 12, 2020. Retrieved February 3, 2018.

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