What were the major historical recessions and their impact on unemployment?

What were the major historical recessions and their impact on unemployment?

Some major historical recessions include the Great Depression, the 2008 financial crisis, and the COVID-19 recession. Each had significant impacts on unemployment rates.

Can you tell me more about the Great Depression?

The Great Depression lasted from 1929 to the late 1930s, peaking in 1933 with unemployment reaching about 25%. It was caused by a stock market crash and led to widespread economic hardship.

What about the 2008 financial crisis?

The 2008 financial crisis was triggered by the collapse of the housing bubble and risky financial practices. Unemployment peaked at around 10% in 2009.

How did the COVID-19 pandemic affect unemployment?

The COVID-19 pandemic caused unprecedented job losses, with unemployment rates soaring to around 14.8% in April 2020, the highest since the Great Depression.