Even at its peak in 2011, the number of people marginally attached to the labor force represented only about 3 percent of the 86 million people not in the labor force.During the recession, U-6 (the broadest measure of labor underutilization) increased from 8.4 percent in November 2007 to a peak of 17.1 percent in October 2009—an increase of 8.7 percentage points in less than 2 years. From 2014 to 2017, the ratio increased by about 1 percentage point, to 60.1 percent. (See figure 3.) During the recovery up to December 2017, the ratio for men had risen by almost 3 percentage points, while the ratio for women had risen by just under 2 percentage points. The median duration of unemployment increased from 8.6 weeks (about 2 months) in November 2007 to 25.2 weeks (about 6 months) in June 2010.The number of unemployed people who had been trying to find work for shorter periods peaked near the official end date of the recession (June 2009). Evan Cunningham, "Great Recession, great recovery? Women fared mildly better. (See figure 7.) Causes of the Recession . Employment, by major occupational group, annual averages, 2000–17 (numbers in thousands)Table 5. As a result, the share of employment in management, professional, and related occupations increased from 35.5 percent in 2007 to 37.2 percent in 2010, while the share employment in service occupations rose from 16.5 percent to 17.8 percent over the same period.During the expansion, employment growth in management, professional, and related occupations and in service occupations has outpaced growth in other occupations. At 6.8 million in April 2010, long-term unemployment represented an unprecedented 45.5 percent of total unemployment. The ratio for Black women trended similarly to the ratios for women of other race and ethnicity groups.The ratios for major race and ethnicity groups held fairly steady for the first 2 years of the recovery, but have started to rebound in recent years. By December 2017, the measure had reached 8.1 percent, little different from its prerecession level.While U-6 has returned to its prerecession level, one of its components—the number of people employed part time for economic reasons (also referred to as involuntary part-time workers)—has remained elevated. The number of people experiencing this chronic unemployment increased markedly during the recession. The exception was Hispanic women, whose participation rate, at 56.5 percent in 2010, was unchanged, on net, from 2007. The peak rate for high school graduates was 11.0 percent in October 2009 and March 2010, and the peak rate for those with some college or an associate’s degree was 8.9 percent in September 2010. From that time, until the event’s end, GDP declined by 4.3 percent, and the unemployment rate approached 10 percent.The Great Recession—sometimes referred to as the 2008 Recession—in the United States and Western Europe has been linked to the so-called “subprime mortgage crisis.”Subprime mortgages are home loans granted to borrowers with poor credit histories. The share of employment made up of involuntary part-time workers had not surpassed 5 percent since the 1981–82 recession.The number of people employed part time for economic reasons has declined substantially since 2010, but has not completely returned to its prerecession level. It’s generally considered to be the longest period of economic decline since the A recession is a decline or stagnation in economic growth, but the economic indicators used to define the term “recession” have changed over time.By that definition, in the United States, the Great Recession started in December 2007. Today, most economists believe the Great Recession of 2007-2009 superseded the 1973-1975 recession in intensity. An official website of the United States government It is worth mentioning that most Americans date the start of the Great Recession … As a result, hundreds of thousands of Americans who had significant portions of their life saving invested in the stock market suffered catastrophic financial losses.Indeed, over the course of the Great Recession, the net worth of American households and non-profits declined by more than 20 percent from a high of $69 trillion in the fall of 2007 to $55 trillion in the spring of 2009—a loss of some $14 trillion.Interest rates were at 5.25 percent in September 2007. In December 2017, there were 1.5 million long-term unemployed, down by about 5 million from April 2010, but about 400,000 higher than the series’ prerecession low.
(See figure 2.) Since then, the rates for both men and women have shown no clear trend, standing at 69.0 percent and 56.9 percent, respectively, in December 2017.Among the major age groups, people 16 to 24 years old saw the largest decline in labor force participation during the recession. In addition to seeing strong employment growth, management, professional, and related occupations had real earnings growth of 1.5 percent from 2007 to 2010 and 2.4 percent from 2010 to 2017. Leads the Way.. The U.S. At 62.7 percent in December 2017, the rate has shown little change, on net, in recent years.During the recession, labor force participation among men declined, while the rate for women held steady. (See table 3.) From late 2007 to early 2011, the ranks of the marginally attached doubled, from about 1.4 million to about 2.8 million, while the number of discouraged workers increased from about 350,000 to a peak of about 1.3 million. From July 2009 to September 2015, the labor force participation rate for men declined 3.3 percentage points, to 68.7 percent, while the rate for women fell 3.0 percentage points, to 56.4 percent. (See table 4 and figure 15. (See figure 6.)
Since those 65 years and older participate in the labor force at a significantly lower rate than younger age groups, this demographic trend has naturally applied downward pressure on the participation rate.
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