With the latest economic news showing that the nations economy shed over 531,000 jobs in just the month of November alone it would appear that the current recession is not only showing no signs of slowing down but is in fact picking up speed. As recessions go it is already one of history's longest. As of December of 2008 this recession is now officially in its 12th month. There have only been three others since the Great Depression that have lasted this long. From May of 1937 till June of 1938 the nation suffered a 13 month long recession. From November of 1973 till March of 1975 we had a 16 month recession. From July of 1981 till November of 1982 another 16 month long recession occurred under President Reagan. After these three the current one is the longest and being that it is showing no signs of improvement we have yet to see if it will in fact end up being the longest period of economic contraction in the last 70 years.
Saturday, December 6, 2008
Current Recession Already One Of The Longest Ever
With the latest economic news showing that the nations economy shed over 531,000 jobs in just the month of November alone it would appear that the current recession is not only showing no signs of slowing down but is in fact picking up speed. As recessions go it is already one of history's longest. As of December of 2008 this recession is now officially in its 12th month. There have only been three others since the Great Depression that have lasted this long. From May of 1937 till June of 1938 the nation suffered a 13 month long recession. From November of 1973 till March of 1975 we had a 16 month recession. From July of 1981 till November of 1982 another 16 month long recession occurred under President Reagan. After these three the current one is the longest and being that it is showing no signs of improvement we have yet to see if it will in fact end up being the longest period of economic contraction in the last 70 years.
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