This recession lasted 18 months which surpassed the two other post-war recessions that lasted 16 months from 1973-1975 and 1981-1982. The Great Depression was the last downturn which lasted 3 1/2 years ending in 1933. There was another that lasted more than a year ending in 1938.
Even though the recession has been declared to be over this does not mean that life is grand particulary in Ohio. Ohio has not had any real job losses since 1999 and the latest new jobless claims is 82% above "job growth". Ohio has lost 392,100 jobs or 7.2% of its employment, since 2007.
The recession is considered to have ended because the economy began to grow, but does not mean that is humming. People will not feel that recession has ended until unemployment sharply decreases. Unemployment is usually one of the last things to improve, because it takes time for the businesses to gain confidence in the economy. Economists do not expecct the unemployment rate to come down significantly anytime soon either.
This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.
