The Great Recession (dec 1, 2007 – jun 1, 2009)
Description:
Duration: Eighteen monthsGDP decline: 4.3%
Peak unemployment rate: 9.5%
Reasons and causes: The nationwide downturn in U.S. housing prices triggered a global financial crisis, a bear market in stocks that had the S&P 500 down 57% at the lows, and the worst economic downturn since the recession of 1937-38.41 Global investment flows into the U.S. had kept market rates low, likely encouraging unscrupulous mortgage underwriting and mortgage-backed securities marketing practices.42 Oil prices spiked to record highs by mid-2008 and then crashed, depressing the U.S. oil industry.
Added to timeline:
Date:
dec 1, 2007
jun 1, 2009
~ 1 years and 6 months