Quick Facts: US Recession
Highlights
According to a Gallup report released in April 2011, more than half of Americans (55%) describe the U.S. economy as being in a recession or depression, even as the Federal Open Market Committee (FOMC) reports that “the economic recovery is proceeding at a moderate pace.” Another 16% of Americans say the economy is “slowing down,” and 27% believe it is growing. Gallup
U.S. real unemployment rate in 2011 is almost twice what it was before the onset of the recession in 2007, and at the current pace, it looks as if it will take until late 2016 to make up for the net job loss to date of 7.5 million. U.S. News
According to a report by the Financial Crisis Inquiry Commission, a combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis. FCIC
Recession
Two consecutive quarters of decline in real GDP is commonly taken to be a recession. The National Bureau of Economic Research, a private organization, effectively decides when recessions occur, however, and the actual dating process is determined by judgment rather than a formal rule. Econmodel.com
According to a Gallup report released in April 2011, more than half of Americans (55%) describe the U.S. economy as being in a recession or depression, even as the Federal Open Market Committee (FOMC) reports that “the economic recovery is proceeding at a moderate pace.” Another 16% of Americans say the economy is “slowing down,” and 27% believe it is growing. Gallup
According to an NBC News poll conducted in May 2011, nearly 70 percent of respondents think the economy will get worse or stay the same in the next year. MSNBC
U.S. real unemployment rate in 2011 is almost twice what it was before the onset of the recession in 2007, and at the current pace, it looks as if it will take until late 2016 to make up for the net job loss to date of 7.5 million. U.S. News
According to a report by the Financial Crisis Inquiry Commission, dramatic failures of corporate governance and risk management at many systemically important financial institutions were a key cause of the U.S. economic crisis. FCIC
According to a report by the Financial Crisis Inquiry Commission, the government was ill prepared for the crisis, and its inconsistent response added to the uncertainty and panic in the financial markets. FCIC
According to a report by the Financial Crisis Inquiry Commission, a combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis.
