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May 31, 2024 · Recessions are a persistent downturn in economic activity. Here we look at the causes and effects of major U.S. recessions since the Great Depression.
- COVID-19 Recession (February - April 2020) The COVID-19 recession is by far the deepest since World War II. It is also the shortest, lasting only two months from peak to trough.
- The Great Recession of 2008 (December 2007 - June 2009) The Great Recession was the longest recession since World War II; it was also the deepest until the COVID-19 recession of 2020.
- The September 11 Recession (March - November 2001) This recession is often called the “dot-com recession” because it started when the stock prices of internet companies crashed.
- The Gulf War Recession (July 1990 - March 1991) The Gulf War Recession was brief and mild: It lasted only eight months, and real GDP fell 3.6% in the fourth quarter of 1990.
- Dave Roos
- February to October 1945: End of WWII. World War II History. World War II was an economic boon for the U.S. economy as the government infused tens of billions of dollars into manufacturing and other industries to meet wartime needs.
- November 1948 to October 1949: Post-War Consumer Spending Slows. When wartime rations and restrictions were lifted after WWII, American consumers rushed to catch up on years of pent-up purchases.
- July 1953 to May 1954: Post-Korean War Recession. This relatively short and mild recession followed the script of the post-WWII recession as heavy government military spending dried up after the end of the Korean War.
- August 1957 to April 1958: Asian Flu Pandemic. An Asian flu vaccine being rushed by helicopter to parts of the U.S. hit by the epidemic, 1957. In 1957, an Asian Flu pandemic spread from Hong Kong across India and into Europe and the United States, sickening untold numbers and ultimately killing more than a million people worldwide.
Aug 26, 2024 · The Great Recession was a period of economic contraction caused by the Global Financial Crisis (2007-2009). The recession officially lasted from December 2007 until June 2009, however, its...
Nov 22, 2013 · The decline in overall economic activity was modest at first, but it steepened sharply in the fall of 2008 as stresses in financial markets reached their climax. From peak to trough, US gross domestic product fell by 4.3 percent, making this the deepest recession since World War II. It was also the longest, lasting eighteen months.
Aug 23, 2021 · Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States’ economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one.
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Jun 13, 2023 · The shortest recession occurred during the Covid-19 pandemic, which lasted just two months, from February 2020 to April 2020. Economic expansions take place any time the economy isn’t in a recession. Before the 1900s, the average expansion lasted an average of 41.4 months.
