Early 1990s recession in the United States
The United States entered recession in 1990. It lasted eight months until March 1991.[1] The recession was mild compared to other recessions post-World War II. However, it was marked by a substandard recovery, also called a jobless recovery. Unemployment continued to rise until June 1992 even though a positive economic growth had returned the year before.[2]
July 1990 was the end of what was then the longest peacetime expansion in United States history.[3] The United States had major job growth and declining unemployment before the 1990s recession. The hardest hit regions were New England and the West Coast of the United States. The Midwest was less affected.[4]
Job losses and unemployment kept rising and hit 7.8% in June 1992.
Other factors led to a slow economy. The factors included a dip in office construction due to too much building in the 1980s.[5] Local markets in New England, Texas and Southern California went through the effects of too much commercial building.
References
change- ↑ "NBER Business Cycle Dating Committee". National Bureau of Economic Research. Retrieved June 1, 2021.
- ↑ "The St Louis Fed". Fred. Retrieved June 1, 2021.
- ↑ "The 1990-1991 Recession" (PDF). Monthly Labor Review. Monthly Labor Review. Retrieved June 1, 2021.
- ↑ "Atlantic and Pacific Coasts' Labor Markets Hit Hard" (PDF). Monthly Labor Market. Monthly Labor Market. Retrieved June 1, 2021.
- ↑ "The Labor Market Improves in 1993" (PDF). Monthly Labor Review. Monthly Labor Review. Retrieved June 1, 2021.
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