Which Was the Worst Recession in Modern US History
The piece compares current recession fears with the 1981-82 and 1973-75 downturns, noting longer reach and broader impact. It cites unemployment near 8.1 percent in February and 10.8 percent during the 1982 peak, with expert views on depth, duration, and historical context. It mentions Wall Street activity and shifts in manufacturing and labor dynamics.
MENTIONED IN THIS ARTICLE
Sunbelt
Michigan
White House
Labor Department
U.S. Chamber of Commerce
Jim O'Connor
Pekin, II
United Auto Workers Local 974
Caterpillar Tractor Co
Peoria
O'Connor
Caterpillar
January job loss hits 207000 in largest one month drop
The January report shows 207000 manufacturing jobs vanished, the biggest single monthly decline since October 1982, while automakers face ongoing sales slumps in February and homebuilders post the worst year for new home sales since 1982, with unemployment at 12.5 million.
MENTIONED IN THIS ARTICLE
U.S
Recession Described as Broad and Deep by Experts
Analysts warn the current downturn is broader and deeper than any prior recession, signaling complex economic challenges ahead. The statement emphasizes unusual severity and breadth across sectors, raising concerns for employment, markets, and policy responses.
Budget official downgrades US economy as weak say midyear revision possible
White House budget chief Peter Orszag warned fundamentals are weak noting the downturn is lengthy and may require revised forecasts by midyear. He urged patience for the $787 billion stimulus to work and signaled no immediate second package while a midsession review could adjust assumptions. The plan assumes 3.2 percent growth, with unemployment rising and credit shrinking casting doubt on the forecast. The $410 billion spending bill funds government through Sept 30 and softens earmark pruning.
MENTIONED IN THIS ARTICLE
Washington
White House
Peter Orszag
Barack Obama
Office of Management and Budget
Orszag
Congress
Obama
Senate
Also Mentioned on This Page
Ma Getekaneen
Weidenbaum
Murray
Council of Economic Advisers
Reagan White House
John Steele Gordon
Federal Reserve
Paul Volcker
Reagan
Niskanen
Peter Mazza
New York Stock Exchange
New York District Council of Carpenters
Atlanta
Mark Witner
Wachovia Corp
N. Ridge RD
Oberlin Hearing Care
Ohio
Lorain County
Richard Hetsko
Richard J. Hetsko
Oberlin Office
West Lorain St
Oberlinhearingcare
CareCredit
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