Professor Gordon also said that nearly every indicator that the committee looked at simultaneously reached its low point in June , which made that month a relatively easy selection as the official turning point. The main exception to this trend was employment, which hit its trough six months later, in December Professor Gordon notes, however, that the lag between a turnaround in gross domestic product and a turnaround in the job market was even worse after the recession.
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Still, the magnitude of job losses was certainly worse in the recession, he said. From December to June , the American economy shed more than 5 percent of its nonfarm payroll jobs ; through December , the month that employment bottomed, the economy had shed more than 6 percent of these jobs. In terms of unemployment, which is measured by a different government survey and considers only people who are actively looking for work, the rate most recently peaked last October at It had gotten higher in , when it reached But the composition of the work force looked very different in the s — it was younger, and younger people tend to have higher unemployment rates — and so if you adjust for age, unemployment this time around looks much worse.
Additionally, a broader measure of unemployment , which also includes people who are reluctantly working part-time when they wish to be working full-time and those who have given up on looking for work altogether, also shows that unemployment this time around was far worse than in any previous postwar recession. Whether the decline in output represented a record loss, however, depends on what metric you use. In terms of how much inflation-adjust output declined, this most recent recession had the most severe contraction since World War II, according to Robert E.
Hall, a Stanford economics professor and committee chair.
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But the anemic growth since the cycle trough in June is still extraordinarily worrying. The deeper recession of the s was followed by a strong, robust bounce-back in growth; this current recovery is barely trudging along.
We had a sharp recession followed by a sharp recovery in the s. A study by the Washington Interactive Network found more than 15, video-game related jobs in the region and more than companies or divisions involved in games.
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Rather than taking lots of big risks on new franchises, game publishers and console makers are leaning heavily on new adaptations of tried-and-true titles — tapping into well-established audiences. Nintendo is billing it as the first Mario game with a true multiplayer mode. Anita Frazier, an NPD Group analyst, said the gaming companies would likely be leaning on sequels regardless of the economic situation.
At the same time, analyst Goodman noted that some future new games that might have been given the go-ahead in better times were no doubt axed behind the scenes this year because of the economy. The company said subsequently that unit sales of the PlayStation 3 had risen by percent following the price drop.
Microsoft on Aug. Nintendo followed Sony and Microsoft on Sept. Please Sign In and use this article's on page print button to print this article.