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lost jobs
For all of 1991, the United States incurred a net loss of 858,000 jobs, with 1.154 million created in 1992 and 2.788 million in 1993. -
Period: to
economic events in the U.S. 1991-2024
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unemployment
President Clinton's Record on the Economy: In 1992, 10 million Americans were unemployed, the country faced record deficits, and poverty and welfare rolls were growing. Family incomes were losing ground to inflation and jobs were being created at the slowest rate since the Great Depression. -
the U.S. returned to 1980s level growth in 1993
The economy returned to 1980s level growth by 1993, fueled by the desktop computer productivity boom, low interest rates, low energy prices, and a resurgent housing market. -
bond market crisis
The 1994 bond market crisis, or Great Bond Massacre, was a sudden drop in bond market prices across the developed world. It began in Japan and the United States (US), and spread through the rest of the world. -
economic rise in the U.S.
The economy performed reasonably well in 1995. Sustained economic expansion kept the unemployment rate at a relatively low level, and inflation, as measured by the four-quarter change in the consumer price index, was less than 3 percent for the third consecutive year, the first such occurrence in thirty years. -
raid GDP growth in the U.S.
The U.S. economy grew rapidly in 1996, as GDP expanded by a robust 5.6 percent. Unemployment reflected this favorable trend, declining 20 basis points from 5.6 percent to 5.4 percent. An additional 2,272,000 individuals found employment during 1996. -
Employment Growth
Aggregate employment grew 2.3 percent in 1997, while unemployment stood at the lowest level since 1989. Higher wages and salaries produced a 1.9-percent increase in real per capita income, a gain that was 0.6 percent higher than in 1996, and continued the pattern of sustained growth observed during the 1990's. -
low unemployment rate
For 1998, the unemployment rate averaged an historically low 4.5 percent, while consumer prices rose a mere 1.6 percent. -
world economic growth
World economic growth gained momentum in 1999 increasing by 3.3 per cent, impelled by vibrant activity in the United States and Asia. The robust United States expansion continued with real Gross Domestic Product (GDP) growing by 4.2 per cent. -
unemployment rate on the rise
The unemployment rate rose to 5.6 percent in the fourth quarter of 2001, an increase of 1.6 percentage points from the 30-year low of 4 percent, in the fourth quarter of 2000. The num- ber of unemployed persons, at nearly 8 million in the fourth quarter of 2001, was up by more than 2 million from a year earlier. -
The U.S. economy bounced back stronger then ever before
Real GDP grew 4.4 percent in 2004, the strongest since 1999. Industrial production at an index of 115.5 rose above the 2000 high of 115.4, with gains in major categories except mining. The capacity utilization rate of 78.0 was the highest since 2000's 82.0. Manufacturers' new orders at 365.7 billion reached a new high. -
financial markets are on a rise
U.S. financial markets withstood some strains in 2005, most notably a large cumulative upward revision to the expected path of monetary policy, sharp increases in energy prices, troubles in the auto and airline sectors, and three major hurricanes. -
rise in inflation
To begin with, the growth in both output and employment decelerated during 2006. At the same time, inflation increased. This was driven in part by a tightening labor market and in part by a significant jump in energy prices. -
recession In the U.S.
In 2007, losses on mortgage-related financial assets began to cause strains in global financial markets, and in December 2007 the US economy entered a recession. That year several large financial firms experienced financial distress, and many financial markets experienced significant turbulence. -
financial crisis
September 7, 2008: The Federal takeover of Fannie Mae and Freddie Mac was implemented. September 15, 2008: After the Federal Reserve declined to guarantee its loans as it did for Bear Stearns, the Bankruptcy of Lehman Brothers led to a 504.48-point (4.42%) drop in the DJIA, its worst decline in seven years. -
the great recession
Domestic product declined 4.3%, the unemployment rate doubled to more than 10%, home prices fell roughly 30% and at its worst point, the S&P 500 was down 57% from its highs. -
Employment rate is on a rise
In 2010 the job market began to emerge from the most severe downturn since the Great Depression. U.S. employment is up, the layoff rate is down, and the average wage (after adjusting for inflation) has improved modestly. -
stock market crash
In finance and investing, Black Monday 2011 refers to August 8, 2011, when US and global stock markets crashed following the Friday night credit rating downgrade by Standard and Poor's of the United States sovereign debt from AAA, or "risk free", to AA+. -
U.S. debt
At the end of 2012, the U.S. debt was $16.05 trillion. That made the debt-to-GDP ratio 100%, higher than at any time since World War II. 21 Debt was driven by government spending and reduced revenue from taxes, thanks to slow economic growth. The Fiscal Year 2012 budget deficit was $1.077 trillion. -
shut down of the U.S. government
In a year where the federal government shut down for 16 days and a major U.S. city filed for bankruptcy, the nation's economic growth was slow, but stable. However, as 2013 drew to a close, the shutdown and looming default threatened to derail an economy that was still in recovery. -
oil prices dropped
The biggest business story of the year is the staggering drop in oil prices and the wide ripple effect worldwide. Oil has plunged nearly 50 percent over the last six months to levels not seen in years. -
slow U.S. economy
In 2015 the U.S. economy was so slow that several historically-reliable indicators of an imminent recession were waiving red flags. Industrial Production was negative over 12 months, and retail sales growth was falling. The global economy was even weaker. -
GDP rises
Real GDP increased 1.6 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6 percent in 2015 (table 1). Revisions to 2016 real GDP from the advance estimate did not affect the 1.6 percent rate of increase. -
slow growth
For the year overall, the economy started sluggish, picked up considerably in the spring and summer, and then slowed a bit in the fall. For the final three months, the economy grew at a 2.6% annual rate. Federal government spending helped: It rose at the fastest pace in seven years, led by a surge in defense spending. -
GDP and price index grows
During 2018 (measured from the fourth quarter of 2017 to the fourth quarter of 2018), real GDP increased 3.1 percent, compared with an increase of 2.5 percent during 2017. The price index for gross domestic purchases increased 2.1 percent during 2018, compared with an increase of 1.9 percent during 2017. -
More GDP growth and tariffs
The annualized rate of real GDP growth was 3.1% in the first quarter of 2019, and then, in part challenged by increased tariffs and threats of additional tariffs, it decelerated to 2.0% in the second quarter and 2.1% in the third quarter. -
covid-19 pandemic
Starting in March 2020, job loss was rapid. About 16 million jobs were lost in the United States in the three weeks ending on 4 April. Unemployment claims reached a record high, with 3.3 million claims made in the week ending on 21 March.
The COVID-19 pandemic precipitated a devastatingly sharp contraction of economic activity and huge job losses in early 2020, as government restrictions and fear of the virus kept people at home and businesses shut. -
rapid price growth, with strong recovery
Assisted by new COVID vaccines, accommodative monetary policy, and trillions of fiscal stimulus, the US economy continued to recover from the pandemic-driven recession. Yet, strong economic growth was accompanied by rapid price growth, leading to both declining unemployment and rising inflation. -
Inflation rose in the U.S.A.
Inflation rose to 8% in 2022, the highest annual level in four decades, but slowed to 5% in March 2023. The Federal Reserve approved nine interest rate increases between March 2022 and March 2023 to tame inflation. -
job gains
Job gains continued at a very strong pace in 2023, although down from the torrid rates seen in 2021 and 2022 immediately following the pandemic recession. Monthly nonfarm payrolls grew by 232,000 per month on average in 2023, 55,000 more jobs per month than the average pace in 2018 and 2019. -
below growth potential
We continue to expect the economy to transition to slightly below-potential growth in the next couple of years. Inflation will likely remain above (but approaching) the Fed's target of 2% through 2024, reflecting persistently higher service price inflation, even as goods prices ease modestly.