Thursday, September 20, 2012

Household Income and Unemployment

The grey bars on the graph represent the months of decreasing GNP during the U.S. recessions of 2001 and 2007. Unemployment increased during each of the recessions. Mean household income decreased for years after each recession. The Great Recession of 2007 was longer, had a much more severe increase in joblessness, and a much more profound drop in mean household income. According to the graphs, both mean household income and employment appear to have turned around and started to recover. Moreover, the delay from the start of the decline to the beginning of the recovery seem to have been shorter under the Obama administration (which faced the much greater recession) than under the Bush administration.

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