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The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$691 billion (~$960 billion in 2023) in assets—alone surpassing all past ...
The United States entered 2008 during a housing market correction, a subprime mortgage crisis and a declining dollar value. [2] In February, 63,000 jobs were lost, [3] a 5-year record. [4] In September, 159,000 jobs were lost, bringing the monthly average to 84,000 per month from January to September 2008. [5]
On December 1, the National Bureau of Economic Research officially declared that the U.S. economy had entered recession in December 2007, a full year earlier. [1] (See late 2000s recession) The Labor Department said that the US lost 533,000 jobs in November 2008, the biggest monthly loss since 1974. This raised the unemployment rate from 6.5% ...
The nation's economy contracted 6.3 percent in Q4 2008 -- its biggest Or, at least it better be, for the good of all involved. GDP nosedives 6.3 percent - worst plunge since 1982
Bank run on the Seamen's Savings Bank during the panic of 1857. There have been as many as 48 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, [1] the consensus view among economists and historians is that "the [cyclical] volatility of GNP and unemployment was greater before the Great ...
Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method. The GDP is given on the bottom line of both sides of the report. GDP must have the same value on both sides of the account. This is because income and expenditure are defined in a way that forces them to be equal (see accounting identity ...
The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery. [29] Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. [30] Median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011. [31]
December 1, 2008: United States; The US economy has been in recession since December 2007, the National Bureau of Economic Research announced in December 2008. The bureau is a private research institute widely regarded as the official arbiter of US economic cycles. It said a 73-month economic expansion had come to an end. [62]