The United States has undergone two contractions in recent years. From December 2007 to June 2009, it went through the “Great Contraction,” so named because of the severity of the financial crisis by which it was precipitated and the severe contraction in GDP and employment that resulted over the period following its onset. U.S. GDP fell by 2.5% in 2009 and then rose on average by 2.2% over the period 2010 through 2016 and by 2.5% over the period 2017 through 2019.
Then in the second quarter of 2020, real GDP fell by 32.9% as the business shutdown brought about by the Corona Contraction took hold. At this writing, the United States is in the fifth month of this contraction.
The Contraction of 2007 to 2009 ...
Get Macroeconomics, Third Edition, 3rd Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
