Author: Kyla C. Sims
Publisher: Nova Science Publishers
ISBN: 9781631178900
Category : Global Financial Crisis, 2008-2009
Languages : en
Pages : 0
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Book Description
The deep recession that began in December 2007 and ended in June 2009, has had a lasting effect on the labour market. More than four and a half years after the end of the recession, employment has risen sluggishly -- much more slowly than it grew, on average, during the four previous recoveries that lasted more than one year. At the same time, the unemployment rate has fallen only partway back to its pre-recession level, and a significant part of that improvement is attributable to a decline in labour force participation that has occurred as an unusually large number of people have stopped looking for work. This book discusses this slow recovery of the labour market, as well as assesses the relative magnitudes of cyclical and structural unemployment as they respond to different policy measures.
Author: I. Islam
Publisher: Springer
ISBN: 0230295185
Category : Business & Economics
Languages : en
Pages : 318
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Book Description
This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.
Author: Linda Levine
Publisher: DIANE Publishing
ISBN: 1437941893
Category : Business & Economics
Languages : en
Pages : 15
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Book Description
Congress in recent years passed a number of bills intended in part to jump-start a recovery in the labor market from the recession that began in Dec. 2007. Policymakers are interested in how employment has responded to stimulus measures to determine how effective the legislation has been and to decide whether additional job creation legislation is warranted. One way to assess the extent of recovery in the labor market is to compare employment data from the end of the recession in June 2009 with more recent data gathered in surveys that the government regularly conducts. This report examines the change in the number of jobs over the June 2009-August 2010 period. Charts and tables. This is a print on demand report.
Author:
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 196
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Book Description
Author: Drew Symmes
Publisher: Nova Science Publishers
ISBN: 9781624177774
Category : Business cycles
Languages : en
Pages : 0
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Book Description
The 2007-2009 recession was long and deep, and according to several indicators was the most severe economic contraction since the 1930s (but still much less severe than the Great Depression). The slowdown of economic activity was moderate through the first half of 2008, but at that point the weakening economy was overtaken by a major financial crisis that would exacerbate the economic weakness and accelerate the decline. Economic recovery began in mid-2009. Real gross domestic product (GDP) has been on a positive track since then, although the pace has been uneven and slowed significantly in 2011. The stock market has recovered from its lows, and employment has increased moderately. On the other hand, significant economic weakness remains evident, particularly in the balance sheet of households, the labour market, and the housing sector. This book provides select research and analyses pertaining to the economic recovery and sustaining U.S. economic growth in a post-crisis economy.
Author: David A. Brauer
Publisher:
ISBN:
Category : Labor market
Languages : en
Pages : 16
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Book Description
The deep recession that began in December 2007, when the economy began to contract, and ended in June 2009, when the economy began to expand again, has had a lasting effect on the labor market. More than four and a half years after the end of the recession, employment has risen sluggishly—much more slowly than it grew, on average, during the four previous recoveries that lasted more than one year. At the same time, the unemployment rate has fallen only partway back to its prerecession level, and a significant part of that improvement is attributable to a decline in labor force participation that has occurred as an unusually large number of people have stopped looking for work.
Author: David B. Grusky
Publisher: Russell Sage Foundation
ISBN: 1610447506
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Author: Jennifer Laird
Publisher:
ISBN:
Category : Labor market
Languages : en
Pages : 97
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Book Description
The Great Recession of 2007-2009 was the most destabilizing recession since the Great Depression. After the mortgage securitization bubble burst in 2007, the Great Recession erased more than half of the stock market capitalization (Grusky et al., 2011). The financial collapse led to waves of job loss and unemployment. In March of 2007 the national unemployment rate was 4.4%. By October 2009, unemployment had increased almost six percentage points to 10.1%. The number of unemployed people in the United States more than doubled between 2008 and 2009. Unemployment rates reached record highs after the onset of the recession, particularly among black men (a group that already had a heightened risk of unemployment prior to the recession). By March of 2010, nearly one in five black male labor force participants over the age of 20 was unemployed. The black/white employment gap among women also increased, as well as the employment gap between the most educated and the least educated. White and foreign-born Hispanic men maintained relatively low unemployment rates, even during the recession. Social scientists have a clear understanding of the patterns and sources of income inequality. This dissertation investigates patterns and sources of employment inequality. I focus on a unique historical period: the Great Recession and its aftermath. Compared to other recessionary periods, the labor market repercussions from the Great Recession were especially severe and long-lasting (Grusky et al., 2011). I examine how these repercussions vary by race, ethnicity, and gender. Based on their socioeconomic characteristics, Mexican immigrant men should have very high unemployment. More than half do not have a high school diploma. One in four works in construction; at the height of the recent recession, 20% of construction workers were unemployed. Yet their unemployment rates are similar to those of native-born white men. Chapter 2 examines potential reasons for the Mexican immigrant employment paradox. I consider explanations based on theories about out-migrant and in-migrant selection, disparities in reservation wages, and employer preferences for immigrant labor. Chapter 3 examines the extent to which the public sector protected black workers from the employment shocks of the Great Recession. Historically, the public sector has served as an equalizing institution through the expansion of job opportunities for minority workers. Using Current Population Survey cross-sectional and longitudinal data, I investigate changes in public sector employment and unemployment between 2003 and 2013. My results point to a post-recession double disadvantage for black public sector workers: they are concentrated in a shrinking sector of the economy, and they are substantially more likely than white and Hispanic public sector workers to be unemployed. These two trends are a historical break for the public sector labor market. I find that race and ethnicity gaps in public sector employment cannot be explained by differences in education, occupation, or any of the other measurable factors that are typically associated with employment. Among unemployed public sector workers, black women are the least likely to transition into private sector employment. Compared to the private sector, however, the post-recession public sector has had consistently lower levels of racial and ethnic employment stratification. Chapter 4 investigates whether and how labor market context affects racial and ethnic employment disparities. I find that black men are more likely to be employed when they reside in areas with 1) a large concentration of public sector jobs, or 2) relatively lax employment, labor, and hiring regulations. I conclude that while black men are more likely to be working when employers have fewer impediments to hiring and firing, black men also benefit from access to highly regulated public sector employment opportunities.
Author:
Publisher:
ISBN:
Category : Dollar, American
Languages : en
Pages : 32
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Book Description
Author: Drew Symmes
Publisher:
ISBN: 9781624177781
Category : Business & Economics
Languages : en
Pages : 178
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Book Description
The 2007-2009 recession was long and deep, and according to several indicators was the most severe economic contraction since the 1930s (but still much less severe than the Great Depression). The slowdown of economic activity was moderate through the first half of 2008, but at that point the weakening economy was overtaken by a major financial crisis that would exacerbate the economic weakness and accelerate the decline. Economic recovery began in mid-2009. Real gross domestic product (GDP) has been on a positive track since then, although the pace has been uneven and slowed significantly in 2011. The stock market has recovered from its lows, and employment has increased moderately. On the other hand, significant economic weakness remains evident, particularly in the balance sheet of households, the labor market, and the housing sector. This book provides select research and analyses pertaining to the economic recovery and sustaining U.S. economic growth in a post-crisis economy.
