Recession History

1929 - 1933
- Great depression.
- Unemployment rate is 25%.
- GDP contracted by 28%.
- Banking system collapsed. absence of bank
deposit insurance at the time caused catastrophic
erosion to household wealth and consumption.

1973 - 1975
- Lasted a longer-than-average 16 months with 9% unemployment rate.
- Cause by surge in oil prices.

1981 - 1982
- Lasted a longer-than-average 16 months with 10.6% unemployment rate.
- Cause by high interest rates due to the desire of Fed chairman
Paul Volcker to drive inflation.

1990 - 1991
- Mild recession.

2001
- Mild recession.

2007
- According to National Bureau of Economic Research (NBER), US recession started December of 2007. It is the time when significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income and other indicators.
- The economy has shed 10.3 million jobs.


Average time of recession - 10.4 months
End of recession - Middle of 2009