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Mar 26, 2024 · During the first two years of the period shown in Figure 1 (through 2021:Q4), the cumulative changes in Ohio’s inflation-adjusted GDP tended to be fairly close to the median changes across all states.
Dec 28, 2021 · T he U.S. economy ended up in a weird place in 2021. Consumers were eager to spend money, but couldn’t get their purchases because supply chains were haywire. Wages rose as workers resigned....
- Emily Barone
- 2 min
- Recessions and Unemployment Rate Trends
- Longer-Run Unemployment Rate Projections
- Conclusions
Figure 2 depicts a series of computations that result in a view of the alignment between recessions and the unemployment rate. This view of the alignment (panel D) highlights the intuition that frequent recessions, separated by short expansions, are associated with upward drift in the unemployment rate, while infrequent recessions, separated by lon...
The results in the previous section show that the unemployment rate trend is aligned closely with how quickly recessionary months accumulate. Consequently, the unemployment rate trend may not be easily separated from the business cycle with statistical techniques that estimate slow-moving trends, such as in Hodrick and Prescott (1997), to offer jus...
The unemployment rate in the United States falls slowly in expansions, and it may not reach its previous low point before the next recession begins. This feature suggests that the unemployment rate trends up with frequent recessions and trends down when recessions are infrequent. In this Commentary, I show that the US unemployment rate indeed trend...
Sep 26, 2022 · Real personal income grew at an average of 0.62% prior to the average recession, while industrial production grew slightly, by 0.05%. Meanwhile, immediately following the onset of the average recession, all six indicators declined, which ultimately persisted for the entirety of the recession.
Apr 3, 2024 · Federal policymakers enacted substantial relief and recovery measures in 2020 and 2021 to support the economy and relieve hardship. These measures helped fuel an economic recovery beginning in May 2020 that made the deepest recession in the post-World War II era also the shortest.
Sep 6, 2021 · Ohio’s Labor Force Participation Rate (LFPR) reached its lowest level on record by 2020, with 61.8% of Ohioans working or seeking work. Ohio’s LFPR had never recovered from a pre-Great Recession high of 67.8%. As of July 2021, Ohio’s civilian labor force, which includes those working and actively seeking work, was 5,604,000.
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Jan 13, 2022 · The quits rate in 2021 was higher for every industry than it was in 2009, a year after the Great Recession. The biggest increases came in leisure and hospitality, retail trade, and manufacturing compared to 2009. The government quits rate increased the least during this time.