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Effects of Economic Recession on American Jobs - Coursework Example

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The paper "Effects of Economic Recession on American Jobs" states that after the economic recession has worn away, the biggest issue that the companies have to address is of sustainability. After the end of the economic recession, efficiency has become the primary criteria of success…
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Effects of Economic Recession on American Jobs
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Download file to see previous pages A vast majority of industries in the US were affected by this economic recession. The US could not find any way to escape the economic recession when the whole world had actually completely soaked in it. The circumstances took a fortunate turn in the last three months of 2009, and the economy began to grow and become strong, though the graph soon took a downward turn specifically in the latter half of 2010 when the growth of GDP in the US fell to 2 per cent. “The federal stimulus money that has added at least 1% but likely 2% or more to the GDP growth will be winding down and that could put at least as much of a drag on the economy as the boost it gave” (Hall).
When the recession was at its apogee, the years were full of pain for a lot of Americans because they had lost jobs. According to an estimate, as many as three-quarters of a million jobs were being lost on a monthly basis in the US in the years of recession (Bureau of Labor Statistics”). The rate of unemployment in the US reached 10.2 per cent by October 2009. Since then, it has shown a slight decline and has reached 10 per cent. Before stabilizing, the unemployment rate in the US is expected to go up to the end of 2011.
A loop of negative feedback was introduced by the economic recession which is expected to keep dragging the US economy for a while in the near future despite the fact that the economic recession has largely declined. Some of the components of this loop are high rate of unemployment, the inability of the unemployed to pay their mortgages and bills, and weakened wealth from loss of equity. People in the US are suffering from lack of income. Their lowered financial status is causing them to save more and spend less. Owing to the tightness of the credit, people in the US are finding it hard to purchase homes or establish new businesses. As a result of the declined consumer spending, businesses have lowered their production in an attempt to improve their efficiency. ...Download file to see next pagesRead More
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