How did the 2008 recession affect jobs?
The Great Recession was also especially severe; both GDP and number of jobs declined by about 6 percent and median family incomes declined by about 8 percent. By some measures, over 30 million individuals lost their jobs, and the rate of long-term unemployment doubled its historical high (Song and von Wachter 2014).
How did the great recession affect employment?
During the “Great Recession,” which took place from late-2007 through mid-2009, the economy steeply contracted and nearly 8.7 million jobs were lost. BLS estimates that the number of jobs tied to consumer demand declined by 3.2 million from the 2007 employment peak to 2010, the year of the employment trough.
Who lost jobs in 2008 recession?
In 2008 as a whole, nearly 800,000 manufacturing jobs were lost, and 630,000 construction jobs disappeared as home-building slowed. Jobs also dried up in the financial sector, in publishing houses and trucking companies, department stores and hotels.
How did the great recession affect unemployment?
The Great Recession, which officially lasted from December 2007 to June 2009, pushed the unemployment rate to a peak of 10.6% in January 2010, considerably less than the rate currently, according to a new Pew Research Center analysis of government data.
What is the lowest unemployment rate in history?
The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020.
What US city has the highest unemployment rate?
Los Angeles and New York City continue to have the highest jobless rates among the 51 metro areas with a 2010 Census population of at least 1 million. In February the unemployment rates in Los Angeles and New York were 9.9% and 9.8%, respectively, according to Bureau of Labor Statistics data.
What race is the most unemployed?
In 2020, 11.7 percent of the Black or African-American population in the United States were unemployed, the highest unemployment rate of any ethnicity.
What is the black unemployment rate today?
That said, there were marked improvements in unemployment rates compared with the second quarter, now recognized as the unemployment peak for this pandemic-induced recession….State unemployment rates, by race/ethnicity and overall, 2020Q3.
| State | USA |
|---|---|
| White | 7.3% |
| Black | 11.9% |
| Hispanic | 11.3% |
| AAPI | 10.1% |