Recession enters 23rd month in US

by khalid on 02/10/2009 · 0 comments

recession

After the great depression of 1930’s, this is the longest period of recession in USA. Some hopes of economic revival are arising but at the same time unemployment figure is increasing which is the cause of concern.

The US economy officially slipped into recession in December 2007. In Sep 09, the economic situation worsened more with the failure of then Wall Street major Lehman Brothers. Millions of jobs have also evaporated since the Lehman collapse and the unemployment rate stood at 9.7 per cent in August 09. In addition, the count of bank failures are shooting up by the day, with a staggering 95 entities going belly up in just nine months.

However, hopes of an early economic turnaround are rising, especially with the GDP contracting much less than expected in the second quarter of 2009.

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