29th June 2020

cnn
15

What was the US economy like in 2008?

U.S. gdp growth rate for 2018 was 2.86%, a 0.64% increase from 2017. U.S. gdp growth rate for 2017 was 2.22%, a 0.65% increase from 2016.

U.S. GDP Growth Rate 1961-2020.
U.S. GDP Growth Rate - Historical Data
YearGDP Growth (%)Annual Change
20161.57%-1.31%
20152.88%0.43%
20142.45%0.61%

Also, what happened in 2008 in the United States economy?

The 2008 financial crisis is the worst economic disaster since the Great Depression of 1929. It occurred despite Federal Reserve and Treasury Department efforts to prevent it. It led to the Great Recession. That's when housing prices fell 31.8 percent, more than the price plunge during the Depression.

One may also ask, what historical events happened in 2008 in the United States?

The history of the United States from 2008 to the present began with the collapse of the housing bubble, which led to the late-2000s recession, and helped the Democrats win the presidency in 2008 with the election of Barack Obama, the country's first African-American president.

What happens if we go into a recession?

A recession can lead companies to report financial losses while some companies go bankrupt—leading to companies laying workers off. When there are layoffs and no new jobs being created, consumers tend to save money or spend less.

What does a recession mean for the average person?

A recession is when the economy slows down for at least six months. That means there are fewer jobs, people are making less and spending less money, and businesses stop growing and may even close. And when they keep going down for six months or more, that's a recession.
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