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Project Report 3 - Essay Example

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Name: Betty Moon, Wei Hsuan Chien, Wai Sum Vincent Cheung Course: ECONS 302 Date: 28th, Nov. 2012 Project Report 1, 2 & 3 There were several recessions that have happened in U.S history and there are many reasons behind the recessions. The National Bureau of Economic Research does not define a recession in terms of two consecutive quarters of decline in real GDP…
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Project Report 3

Download file to see previous pages... It began in December 2007 and lasted 18 months which was the longest recession since World War 2. By observing the U.S Gross Domestic Production (GDP) and the employment data, we can conclude that the current state of the U.S economy is recovering from the recession. The GDP is an important variable because GDP represents the total dollar value of all goods and services which being produced in the period time. The GDP is also related to the real income, employment and industry production. These reasons are why GDP is an important indicator to a country’s economy state. By looking at the Quarter-to-Quarter growth in real GDP graph (Bureau of Economic Analysis) the GDP in the last two quarters of 2008 and the first two quarters of 2009 are negative. Especially the last quarter in 2008, the GDP is down by 9% which means the economy of U.S had dropped 9% in the over the last quarter of 2008. However, from the third quarter of 2009 the GDP had grown back to positive and it stayed positive from 2010 to 2012. By using the previous data we can conclude that the recession is over and the U.S economy is recovering now. The other important variable is the employment data. ...
mic Analysis), we can easily tell the number of employees dropped from 127,383,000 to 121,078,000 during 2008 to 2009 which means there are about 6,000,000 people lost their job during 2008 to 2009. In 2011, the number of equivalent of employees bounced back to 121,757,000 which is a good sign for U.S economy. There are many factors which can cause the economic recession. The most common reason is the declining in GDP growth and it brings the high unemployment rate, inflation and other economic problems. The latest recession in 2008 is because of the bubble burst in housing price. In 2006 the housing price in U.S peaked too high and the price started falling since 2007. The homeowners and the people who invested in real estate were facing a huge loss. Comparing the current GDP to the GDP before recession, we can realize that the GDP before recession is slightly lower than the current GDP. Therefore, U.S economy is recovered from the recession which was started from 2008. However, by observing the gross domestic investment data (Bureau of Economic Analysis table 5.2.3), the gross domestic investment in 2011 is still lower than 2004 to 2008. We can assume that the U.S economy is not fully recovered because people cannot have that much money to invest comparing to the time before the recession. We compared the recession between 2001 and 2008. These two recessions are interesting because they are really close to us, and most of us should remember how it was, and what was happening at that time. There were few main reasons that why the U.S. economy was slipping into recession in 2001. One of the most memorable reasons was the terrorist attack; the terrorist attack bringing down a $10.2 trillion dollar economy is dramatic. Another main cause of 2001 recession was the crash ...Download file to see next pagesRead More
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