query: what effect did the great depression have on the unemployment rate

pos: Great Depression in the United States Great Depression in the United States The Great Depression began in August 1929, when the United States economy first went into an economic recession. Although the country spent two months with declining GDP, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence

pos: History of Östersund any other Swedish city", which is why Östersund has been referred to as the "Spanish flu's capital". The old school (today the tourist agency) became a temporary hospital and when no crisis centre existed several organizations stepped in to help the population. Even the authority did what they could and banned public gatherings, in addition to the closing of theaters and cinemas. Despite the great depression and several crisis resulting in a very high unemployment rate Östersund continued to grow in the interwar period. The municipal community Odenslund was incorporated into Östersund in 1918. The business world remained largely unaffected

pos: Depression (economics) depression, with the failure of banks and record high unemployment levels. Starting with the adoption of the gold standard in Britain and the United States, the Long Depression (1873–1896) was indeed longer than what is now referred to as the Great Depression, but shallower. However, it was known as "the Great Depression" until the 1930s. The best-known depression was the Great Depression, which affected most national economies in the world throughout the 1930s. This depression is generally considered to have begun with the Wall Street Crash of 1929, and the crisis quickly spread to other national economies. Between 1929 and

pos: Unemployment in Poland Unemployment in Poland Unemployment in Poland appeared in the 19th century during industrialization, and was particularly severe during the Great Depression. Under communist rule Poland officially had close to full employment, although hidden unemployment existed. After Poland's transition to a market economy the unemployment rate sharply increased, peaking at above 16% in 1993, then dropped afterwards, but remained well above pre-1993 levels. Another period of high unemployment occurred in the early 2000s when the rate reached 20%. As Poland entered the European Union (EU) and its job market in 2004, the high unemployment set off a wave of emigration, and

pos: Economic stagnation Economic stagnation Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. The term "secular stagnation" was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the

pos: Frank McCloskey created by the U.S. Conference of Mayors created to study urban financial policy. Mayor McCloskey was an alternate delegate to the 1972 Democratic National Convention. Initially, Mayor McCloskey was an underdog in his race against two-term incumbent Republican representative Joel Deckard in Indiana's 8th congressional district. McCloskey's campaign focused on the effects of Reaganomics, and attempted to tie the district's high unemployment rate to Deckard and President Reagan after Deckard supported Reagan on key tax cut and budget votes in the 97th Congress. Some of the district's counties were experiencing unemployment rates not seen since the Great Depression. During the

pos: Transport Workers Union of America workers on the Interborough Rapid Transit Company (IRT) and the Brooklyn–Manhattan Transit Corporation (BMT) were represented by company unions, while the Brotherhood of Locomotive Engineers and the Brotherhood of Railway Signalmen represented small pockets of skilled workers employed by the BMT. When The Great Depression hit, public and private management took advantage of high unemployment rates by offering jobs to and keeping on only those individuals willing to accept excessively low wages, brutal management practices, poor working conditions, and other severe aspects. With the national unemployment rate reaching 25 percent, there were nearly 20,000 applicants for every one job in

pos: Östersund on milk and wood. The year after the Spanish flu spread like wildfire across the world. The city doctor in Östersund noted that "Östersund ought without objection have been more haunted by the flu than any other Swedish city", which is why Östersund was referred to by locals as "spanska sjukans huvudstad", "capital of the spanish flu". Despite the great depression and several crisis resulting in a very high unemployment rate Östersund continued to grow in the interwar period. In 1918 the Odenslund area was incorporated. The business sector remained largely unaffected and Östersund continued being one of the least

pos: 1998–2002 Argentine great depression Argentina's GDP declined by 3% in 1999 and the country entered what became a three-year-long recession. President Fernando de la Rúa was elected in 1999 on a reform platform that nevertheless sought to maintain the peso's parity with the dollar. He inherited a country with high unemployment (15%), lingering recession, and continued high levels of borrowing. In 1999, economic stability became economic stagnation (even deflation at times), and the economic measures taken did nothing to avert it. The government continued its predecessor's economic policies. Devaluing the peso by abandoning the exchange peg was considered political suicide and a recipe for

neg: Great Depression the recovery. It did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate the economies of Europe in 1937–39. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. When the United States entered into the war in 1941, it finally eliminated the last effects from the Great Depression and brought the U.S. unemployment rate down below 10%. In the U.S., massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression. Businessmen

neg: 1973–75 recession during the recession; at the time, this was a post-war record. Although the recession ended in March 1975, the unemployment rate did not peak for several months. In May 1975, the rate reached its height for the cycle of 9 percent. (Three cycles have had higher peaks than this: the late 2000s recession, where the unemployment rate peaked at 10 percent in October 2009 in the United States, the early 1980s recession where unemployment peaked at 10.8% in November and December 1982, and the Great Depression, where unemployment peaked at 25% in 1933.) The recession also lasted from 1973–75 in

neg: Comparisons between the Great Recession and the Great Depression II, and was dwarfed by the 25% unemployment rate peak of the Great Depression. However, syndicated columnist and former Assistant Secretary of the Treasury Paul Craig Roberts claimed in a 2012 column that if all discouraged workers were included in U.S. unemployment statistics, the actual unemployment rate would be 22%, comparable to rates during the Great Depression. Nobel Prize–winning economist Paul Krugman predicted a series of depressions in his "The Return of Depression Economics" (1999), based on "failures on the demand side of the economy." On January 5, 2009, he wrote that "preventing depressions isn't that easy after all" and

neg: Depression (economics) 1933, the gross national product of the United States decreased by 33% while the rate of unemployment increased to 25% (with industrial unemployment alone rising to approximately 35% – U.S. employment was still over 25% agricultural). A long-term effect of the Great Depression was the departure of every major currency from the gold standard, although the initial impetus for this was World War II (see Bretton Woods Accord). In any case, the world economy has simply outgrown the capacity of additions to the world gold supply to accommodate the increase in world population and increased trade without periodic, painful revaluations

neg: Job losses caused by the Great Recession signifying the economic strength of Canada's financial institutions compared to its counterparts in the United States. Many job places in Canada (i.e., grocery stores and restaurants) have opted to reduce hours rather than lay off staff. This unemployment of job protection is especially in industries that are needed to keep the economy from going into a depression. While the automotive sector is slowly recalling workers back to work, grocery stores and restaurants have slashed hours in the face of the global recession. April 2009 Australian unemployment rate: 5.5% July 2009 Australian unemployment rate: 5.8% August 2009 Australian unemployment rate: 5.8%

neg: Northern England the interwar years, the Northern economy began to be eclipsed by the South – in 1913–1914, unemployment in "outer Britain" (the North, plus Scotland and Wales) was 2.6% while the rate in Southern England was more than double that at 5.5%, but in 1937 during the Great Depression the outer British unemployment rate was 16.1% and the Southern rate was less than half that at 7.1%. The weakening economy and interwar unemployment caused several episodes of social unrest in the region, including the 1926 general strike and the Jarrow March. The Great Depression highlighted the weakness of Northern England's specialised

neg: Great Depression in the Great Depression. In the 1931 British election the Labour Party was virtually destroyed, leaving MacDonald as Prime Minister for a largely Conservative coalition. In most countries of the world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of

neg: Great Depression in France its Polish ally by Germany, France declared war on Germany. Great Depression in France The Great Depression affected France from about 1931 through the remainder of the decade. The crisis affected France a bit later than other countries, hitting around 1931. While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. The depression was relatively mild: unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis. The depression had some effects on the local economy, which can partly explain

neg: Unemployment Great Depression the crime rate did not decrease. The unemployed in the U.S. often use welfare programs such as Food Stamps or accumulating debt because unemployment insurance in the U.S. generally does not replace a majority of the income one received on the job (and one cannot receive such aid indefinitely). Not everyone suffers equally from unemployment. In a prospective study of 9570 individuals over four years, highly conscientious people suffered more than twice as much if they became unemployed. The authors suggested this may be due to conscientious people making different attributions about why they became unemployed, or through

neg: Great Depression in France Great Depression in France The Great Depression affected France from about 1931 through the remainder of the decade. The crisis affected France a bit later than other countries, hitting around 1931. While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. The depression was relatively mild: unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis. The depression had some effects on the local economy, which can partly explain the 6 February 1934 crisis and even more the formation

neg: Construction engineering engineers due to the automation of many engineering tasks, overall resulting in reduced prospects for construction engineers. In early 2010 the United States construction industry had a 27% unemployment rate, this is nearly three times higher than the 9.7% national average unemployment rate. The construction unemployment rate (including tradesmen) is comparable to the United States 1933 unemployment rate—the lowest point of the Great Depression—of 25%. The average salary for a civil engineer in the UK depends on the sector, and more specifically the level of experience of the individual. A 2010 survey of the remuneration and benefits of those occupying

neg: Early 1980s recession third with 14.0%. The Youngstown–Warren Metropolitan Area had an 18.7% rate, the highest of all metro areas, and Stamford, Connecticut, had the lowest unemployment, at 3.5%. The peak of the recession occurred in November and December 1982, when the nationwide unemployment rate was 10.8%, the highest since the Great Depression. As of 2015, it is still the highest since the 1930s. In November, West Virginia and Michigan had the highest unemployment with 16.4%, Alabama was in third with 15.3%. South Dakota had the lowest unemployment rate in the nation, with 5.6%. Flint, Michigan, had the highest unemployment rate of all

neg: Economy of the United Kingdom with inflation, which in 1980 had risen to 21.9%, resulted in a substantial increase in unemployment from 5.3% in 1979 to over 10.4% by the start of 1982, peaking at nearly 11.9% in 1984 – a level not seen in Britain since the Great Depression. The rise in unemployment coincided with the early 1980s global recession, after which UK GDP did not reach its pre-recession rate until 1983. In spite of this, Thatcher was re-elected in June 1983 with a landslide majority. Inflation had fallen to 3.7%, while interest rates were relatively high at 9.56%. The increase in unemployment was

neg: 1998–2002 Argentine great depression 1998–2002 Argentine great depression The 1998–2002 Argentine Great Depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It almost immediately followed the 1974–1990 Great Depression after a brief period of rapid economic growth. The depression, which began after the Russian and Brazilian financial crises, caused widespread unemployment, riots, the fall of the government, a default on the country's foreign debt, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. The economy shrank by 28 percent from 1998

neg: Unemployment in the United States as high as 25% during the Great Depression. More recently, it reached peaks of 10.8% in November 1982 and 10.0% in October 2009. Unemployment tends to rise during recessions and fall during expansions. From 1948 to 2015, unemployment averaged about 5.8%. There is always some unemployment, with persons changing jobs and new entrants to the labor force searching for jobs. This is referred to as frictional unemployment. For this reason, the Federal Reserve targets the natural rate of unemployment or NAIRU, which was around 5% in 2015. A rate of unemployment below this level would be consistent with rising inflation

neg: Unemployment the United States had lower unemployment levels than many countries in the European Union, which had significant internal variation, with countries like the UK and Denmark outperforming Italy and France. However, large economic events such as the Great Depression can lead to similar unemployment rates across the globe. In 2013, ILO adopted a resolution to introduce new indicators to measure unemployment rate. x 100 labour force) / (extended labour force)] x 100 Eurostat, the statistical office of the European Union, defines unemployed as those persons age 15 to 74 who are not working, have looked for work in the last

neg: Causes of the Great Depression war, less families being formed, and an imbalance of mortgage payments and loans in 1928–29 that mainly contributed to the decline in the number of houses being built. This (What?) caused the population growth rate to decelerate(How?). Though non-residential units continued to be built "at a high rate throughout the decade", the demand for such units was actually very low There is an ongoing debate between historians as to what extent President Calvin Coolidge's laissez-faire hands-off attitude has contributed to the Great Depression. Despite a growing rate of bank failures he did not heed voices that predicted the lack of

neg: Great Depression in Canada worldwide depression. One of the areas not affected was bush flying, which, thanks to a mining and exploration boom, continued to thrive throughout this period. Even so, most bush flying companies lost money, impacted by the government's cancellation of airmail contracts in 1931-2. Urban unemployment nationwide was 19%; Toronto's rate was 17%, according to the census of 1931. Farmers who stayed on their farms were not considered unemployed. By 1933, 30% of the labour force was out of work, and one-fifth of the population became dependent on government assistance. Wages fell as did prices. In some areas, such as mining

neg: Great Depression level, again worse than any nation apart from the United States. Unemployment reached 27% at the depth of the Depression in 1933. The League of Nations labeled Chile the country hardest hit by the Great Depression because 80% of government revenue came from exports of copper and nitrates, which were in low demand. Chile initially felt the impact of the Great Depression in 1930, when GDP dropped 14%, mining income declined 27%, and export earnings fell 28%. By 1932, GDP had shrunk to less than half of what it had been in 1929, exacting a terrible toll in unemployment and

neg: Birth rate June 2011. Experts have suggested that this decline is a reflection of unfavorable economic conditions. The connection between birth rate and economic conditions stems from the fact that US birth rates have fallen to levels comparable to those during the Great Depression during the 1930s. A state-level look at fertility, based on a report published by the Pew Research Center in October 2011, points out the strong correlation between lower birth rates and economic distress. In 2008, North Dakota had the nation's lowest unemployment rate (3.1 percent) and was the only state to show an increase (0.7 percent) in its

neg: History of liberalism around 15 percent. Additional state spending and the gigantic public works program sparked by the Second World War eventually pulled the United States out of the Great Depression. The social liberal programme reduced the unemployment rate from roughly 25 percent to about 15 percent by 1940. Additional state spending and the very large public works programme sparked by the Second World War eventually pulled the United States out of the Great Depression. From 1940 to 1941, government spending increased by 59 percent, the gross domestic product increased 17 percent, and unemployment fell below 10 percent for the first time since

neg: New Deal very significantly prolonged in both its duration and its magnitude by the impact of New Deal programs". They suggest that without Social Security, work relief, unemployment insurance, mandatory minimum wages and without special government-granted privileges for labor unions, business would have hired more workers and the unemployment rate during the New Deal years would have been 6.7% instead of 17.2%. Amity Shlaes wrote that "from 1929 to 1940, from Hoover to Roosevelt, government intervention helped to make the Depression Great". Shlaes said that the NRA was misguided because it used price setting to fix monetary problems. According to Shlaes, Roosevelt's

neg: Unemployment the final decades. There were labor shortages during WW I. Ford Motor Co. doubled wages to reduce turnover. After 1925 unemployment began to gradually rise. The decade of the 1930s saw the Great Depression impact unemployment across the globe. One Soviet trading corporation in New York averaged 350 applications a day from Americans seeking jobs in the Soviet Union. In Germany the unemployment rate reached nearly 25% in 1932. In some towns and cities in the north east of England, unemployment reached as high as 70%; the national unemployment level peaked at more than 22% in 1932. Unemployment in Canada

neg: Gold standard rate of $4.86, Churchill is argued to have made an error that led to depression, unemployment and the 1926 general strike. The decision was described by Andrew Turnbull as a "historic mistake". Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation. This state of affairs lasted until the Great Depression (1929–1939) forced countries off the gold standard. In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard. Loans from American and French Central Banks of £50,000,000 were insufficient and exhausted

neg: Economy of Greater Cleveland the city of Cleveland. In the early 20th century, about a quarter of the region’s jobs were in steel mills. The Great Depression hurt the area’s economy and caused up to 35% unemployment rate. The City of Cleveland went into default in 1978 and was 30 million dollars in debt. The area’s economy improved during the 1990s. However, The Great Recession hindered the region as the City of Cleveland’s unemployment rate hit 12%. Since then, the state of the metro area’s economy has improved. The GDP of the region is at about $130 billion. As of 2014, these are the

neg: Employment protection legislation argument considering that EPL has any effect on unemployment. Instead, the authors claim that EPL does affect two other variables: job flows and unemployment duration. EPL would reduce job flows (from employment to unemployment: employers are less willing to fire, given that they must pay indemnizations to workers) therefore reducing unemployment but would increase unemployment duration, increasing the unemployment rate. These two effects would neutralize each other, explaining why overall, EPL has no effect on unemployment. Nickell (1997) arrived to similar conclusions when stating that labor market rigidities that do not appear to have serious implications for average levels of

neg: Communist Party of Great Britain of its campaigns did have impact beyond its ranks. This was the National Unemployed Workers' Movement led by Wal Hannington. Increasing unemployment had caused a substantial increase in the number of CP members, especially those drawn from engineering, lacking work. This cadre of which Hannington and Harry MacShane in Scotland were emblematic, found a purpose in building the NUWM which resulted in a number of marches on the unemployment issue during the 1930s. Although born in the Third Period during the Great depression, the NUWM was a major campaigning body throughout the Popular Front period too, only being dissolved in

neg: Pacific Bearing Corporation things actually got worse for many people and companies as the misery index (the sum of the unemployment rate and the inflation rate) had reached an all-time high of 21.98%. The Mid-West United States even saw record unemployment rates (exceeding 20%) during this time. Premac was no exception to seeing the hardships. Some of Premac's customers closed their doors, others went on strike which left Premac with a fraction of the customers it once had. In September 1983, Pacific Bearing Corp was officially incorporated. The Mid-West United States was seeing the worst economic times since The Great Depression; this recession

neg: Underemployment equilibrium an economy are hiring more people than they need. This is much less common than overqualification. This redundancy invalidates unemployment rates as a signal for the existence of underemployment equilibrium. When firms are overstaffed, they can not achieve their maximum profit levels, which leads to undesirable social consequences such as low GDP growth.[6] During the 1930s, Great Depression, U.S. unemployment rate reached 25% and GDP growth rate fell to −13%.[7] The U.S. economy at this period can be characterized by an underemployment equilibrium. On the one hand, many outside forces (including financial instability, hyper-inflation, lack of capital, etc.) created a

neg: Great Depression in Central Europe causing a financial panic across Europe. Great Depression in Central Europe The Great Depression severely affected Central Europe. The unemployment rate in Germany, Austria and Poland rose to 20% while output fell by 40%. By November 1949, every European country had increased tariffs or introduced import quotas. Under the Dawes Plan, the German economy boomed in the 1920s, paying reparations and increasing domestic production. Germany's economy retracted in 1929 when Congress discontinued the Dawes Plan loans. This was not just a problem for Germany. Europe received almost $8 billion USD in American credit between 1924 and 1930 in addition to

neg: Great Depression in Central Europe Great Depression in Central Europe The Great Depression severely affected Central Europe. The unemployment rate in Germany, Austria and Poland rose to 20% while output fell by 40%. By November 1949, every European country had increased tariffs or introduced import quotas. Under the Dawes Plan, the German economy boomed in the 1920s, paying reparations and increasing domestic production. Germany's economy retracted in 1929 when Congress discontinued the Dawes Plan loans. This was not just a problem for Germany. Europe received almost $8 billion USD in American credit between 1924 and 1930 in addition to previous war time loans. Germany's Weimar

neg: History of women in the United States 1930 and 1931, 63% of cities dismissed female teachers as soon as they became married, and 77% did not hire married women as teachers. Also, a survey of 1,500 cities from 1930 to 1931 found that three-quarters of those cities did not employ married women for any jobs. In January 1932, Congress passed the Federal Economy Act which stipulated that no two persons in the family could be working in government service at the same time; three-fourths of employees discharged as a result of this Act were women. However, during the Great Depression white women's unemployment rate was actually lower

neg: NAIRU by temporarily depressing real wages, but this effect would dissipate once expectations about inflation were corrected. Only with continuously accelerating inflation could rates of unemployment below the natural rate be maintained. The "natural rate" terminology was largely supplanted by that of the NAIRU, which referred to a rate of unemployment below which inflation would accelerate, but did not imply a commitment to any particular theoretical explanation, any particular preferred policy remedy or a prediction that the rate would be stable over time. Franco Modigliani and Lucas Papademos defined the noninflationary rate of employment (NIRU) as the rate of employment above

neg: Unemployment Insurance Act 1930 1933. Unemployment Insurance Act 1930 The Unemployment Insurance Act 1930 was passed in the United Kingdom in response to the economic problems emerging due to the Wall Street Crash and Great Depression. It substantially reformed the benefits system and abolished the rule that those claiming benefits must genuinely be seeking work. The changes made by the Act to the Unemployment Insurance Acts 1920 to 1929 were temporary, section 20(7) and (8) providing that they only had effect from 13 March 1930 until 30 June 1933. It was continued in force until 30 June 1934 by the Unemployment Insurance (Expiring Enactments)

neg: Unemployment Insurance Act 1930 Unemployment Insurance Act 1930 The Unemployment Insurance Act 1930 was passed in the United Kingdom in response to the economic problems emerging due to the Wall Street Crash and Great Depression. It substantially reformed the benefits system and abolished the rule that those claiming benefits must genuinely be seeking work. The changes made by the Act to the Unemployment Insurance Acts 1920 to 1929 were temporary, section 20(7) and (8) providing that they only had effect from 13 March 1930 until 30 June 1933. It was continued in force until 30 June 1934 by the Unemployment Insurance (Expiring Enactments) Act

neg: The Susso income from primary producers. At the end of 1929, Australia's unemployment rate sat at around 13%. By 1932, it had peaked at a staggering 29%. Though the downturn in the economy had a much greater effect on the lives of the poor, not even the very rich could ignore the situation, as evidence of the Depression could be found everywhere. It was seen in the dole queues, soup kitchens doling out staple, filling foods, such as bread and potatoes, and shanty towns that sprang up across the nation. The Depression was illustrated by the estimated 40,000 homeless who had to

neg: Philadelphia Tribune months before the Stock Market Crash, Philadelphia's Black unemployment rate was 45 percent higher than White unemployment. During the Great Depression, African-Americans in Philadelphia and throughout the country suffered higher levels of unemployment due to their lack of skills and qualifications. Rhodes and the "Tribune" wrote articles to help African-Americans improve their standard of living during the difficult times. The newspaper provided information on relief help by advertising Black social organizations, churches, and schools. Also, by 1930, "Tribune" and the N.A.A.C.P. of Philadelphia would report unfair employment practices by local businesses, and the negative publicity would pressure the businesses into

neg: Causes of the Great Depression allowed the federal government to raise taxes exceedingly to reduce the budget shortage brought upon by the depression. Keynes proclaimed that more workers could be employed by decreasing interest rates, encouraging firms to borrow more money and make more products. Employment would prevent the government from having to spend any more money by increasing the amount at which consumers would spend. Keynes' theory was then confirmed by the length of the Great Depression within the United States and the constant unemployment rate. Employment rates began to rise in preparation for World War II by increasing government spending. "In light of

neg: Great Recession in the United States below the December 2007 level. Additionally as of September 2012, the long-term unemployment is the highest it had been since World War II, and the unemployment rate peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%). The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again. However, the Great Recession was different in kind from the all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt

neg: Isle Royale Ferry Service forty miles from the closest town, and the road connecting the two was not paved at the time. Also, he began his new enterprise at the beginning of the Great Depression, and Keweenaw County would soon experience an unemployment rate of over 60%. But Kauppi seemed not to be a normal man. He was a risk-taker, very brave (several seamen have said that Kauppi is the bravest captain ever to have sailed on Lake Superior, going out to rescue ailing vessels in unspeakable conditions—sometimes at the request of the Coast Guard station in Eagle Harbor). He was determined to have

neg: Interwar France membership slowly grew to 1,500,000 in 1930, or 19% of the 8 million employed that year. The heaviest losses came in metal factories, textile mills, and construction. The greatest density was in printing, where 40% were members. Blue collar government workers were increasingly unionized by 1930, especially the railways and trams. The Great Depression affected France from 1931 to 1939, but was milder than other industrial countries While the economy in the 1920s grew at the very strong rate of 4.4% per year, the 1930s rate fell to only 0.6%. The depression was relatively mild at first: unemployment peaked under

neg: History of banking in the United States which people could repay and gain full ownership of their homes. Savings and loan associations sprang up all across the United States because there was low-cost funding available through the Federal Home Loan Bank for the purposes of mortgage lending. During the 1930s, the U.S. and the rest of the world experienced a severe economic contraction that is now called the Great Depression. In the U.S. during the height of the Great Depression, the official unemployment rate was 25% and the stock market had declined 75% since 1929. Bank runs were common because there wasn't insurance on deposits at banks,

neg: Global financial system the domestic unemployment rate. The culmination of the Stock Market Crash of 1929 and the onset of the Great Depression heightened fears, further pressuring Hoover to act on protective policies against the advice of Henry Ford and over 1,000 economists who protested by calling for a veto of the act. Exports from the United States plummeted 60% from 1930 to 1933. Worldwide international trade virtually ground to a halt. The international ramifications of the Smoot-Hawley tariff, comprising protectionist and discriminatory trade policies and bouts of economic nationalism, are credited by economists with prolongment and worldwide propagation of the Great Depression.

neg: Great Depression in the United States term, but it would be devastating in the long run. Eventually, he was defeated by Franklin Roosevelt in 1932. In 1929, the Great Depression began, the asset bubble burst, and the unemployment rate rose. The following year, though most people thought that there was nothing worth worrying about, Hoover took decisive action on issues such as employment, construction, public construction, and agriculture, which helped restore public confidence. The unemployed population rose, although it remained less than 9%. In 1931, "the tragic year", politicians and economists were convinced that the economy would recover in 1931, but a serious economic crisis and

neg: Timeline of the Great Depression GDP growth turns positive by summer, but overall annual rate is -1.3% growth. Unemployment peaks at 25%. 2 million are homeless. Industrial production is half of what it was in 1929. US nominal GDP bottoms out at $57 billion (down from $105 billion in 1929) February 14th: Michigan becomes the first state in the U.S. to declare an indefinite bank holiday, in an attempt to stem the impending collapse of First National Bank of Detroit and the Guardian National Bank of Commerce, the two largest banks in Detroit. First National and Guardian National were threatened with failure if the Ford

neg: Great Depression 1920s, except for unemployment, which remained high at 11%, although this was considerably lower than the 25% unemployment rate seen in 1933. In the spring of 1937, American industrial production exceeded that of 1929 and remained level until June 1937. In June 1937, the Roosevelt administration cut spending and increased taxation in an attempt to balance the federal budget. The American economy then took a sharp downturn, lasting for 13 months through most of 1938. Industrial production fell almost 30 per cent within a few months and production of durable goods fell even faster. Unemployment jumped from 14.3% in 1937

neg: Added worker effect Added worker effect The added worker effect refers to an increase in the labor supply of married women when their husbands become unemployed. Underlying the theory is the assumption that married women are secondary workers with a less permanent attachment to the labor market than their partners. As statistics show, married women do not always behave as secondary workers; therefore, the effect is not a universal phenomenon. The concept of “additional workers” appeared in empiric studies on unemployment in the United States during the Great Depression conducted in 1940 by economists Wladimir S. Woytinsky and Don D. Humphrey (Humphrey, 1940,

neg: Causes of the Great Depression clear evidence" of a decline in "the rate of growth of productivity" during the 1920s, there is "clear evidence" the population growth rate began to decline during that same period. He argues the decline in population growth rate may have caused a decline in "the natural rate of growth" which was significant enough to cause a serious depression. Barber says a decline in the population growth rate is likely to affect the demand for housing, and claims this is apparently what happened during the 1920s. He concludes: The decline in housing construction that can be attributed to demographics has been

neg: Great Depression of British Agriculture be "the workshop of the world", as the leading manufacturing nation. Robert Blake claimed that Disraeli was dissuaded from reviving protection due to the urban working class enjoying cheap imported food at a time of industrial depression and rising unemployment. Enfranchised by Disraeli in 1867, working men's votes were crucial in a general election and he did not want to antagonise them. However Disraeli's government did appoint a Royal Commission on agricultural depression. This attributed the depression to bad harvests and foreign competition. Its final report of 1882 recommended changing the burden of local taxation from real property to the

neg: 1998–2002 Argentine great depression pesos at an official rate. That angered most savings holders and attempts were made to declare it unconstitutional. After a few months, the exchange rate was mostly a floating exchange rate. The peso further depreciated, which prompted increased inflation. Argentina depended heavily on imports but then could not replace them locally. Inflation and unemployment worsened during 2002. Then, exchange rate had reached nearly 4 pesos per dollar, and the accumulated inflation since the devaluation was about 80%, considerably less than predicted by most orthodox economists. The quality of life of the average Argentine was lowered proportionally. Many businesses closed or

neg: Unemployment in Poland as a result domestic unemployment started a downward trend that contined until the onset of the 2008 Great Recession. Recent years have seen an increase in the unemployment rate from below 8% to above 10% (Eurostat) or from below 10% to 13% (GUS). The rate began dropping again in late 2013. Polish government (GUS) reported 9.6% registered unemployment in November 2015, while European Union's Eurostat gave 7.2%. According to Eurostat data, since 2008, unemployment in Poland has been constantly below the EU average. Significant regional differences in the unemployment rate exist across Poland. Unemployment rates are reported by the Polish

neg: Teatro Puerto Rico Forum Theater, which was owned by the Ansel family, struggled to survive and compete with the arrival of the larger modern movie theaters such as Loew’s and RKO. Three factors contributed and led to what became known as "The Great Puerto Rican Migration" to New York. These were the Great Depression, World War II, and the advent of air travel. The Great Depression which spread throughout the world was also felt in Puerto Rico. Since the island's economy had been made dependent on that of the United States, the U.S. economic crisis was felt on the island, as well. Unemployment

neg: Great Depression in the United States Policy, and The New Deal through the Hoover and Roosevelt administration. One visible effect of the depression was the advent of Hoovervilles, which were ramshackle assemblages on vacant lots of cardboard boxes, tents, and small rickety wooden sheds built by homeless people. Residents lived in the shacks and begged for food or went to soup kitchens. The term was coined by Charles Michelson, publicity chief of the Democratic National Committee, to refer sardonically to President Herbert Hoover whose policies Michelson blamed for the depression. Unemployment reached 25 percent in the worst days of 1932-33, but it was unevenly distributed. Job

neg: Disinflation a negative relationship between inflation and unemployment. The relationship between the Phillips curve and disinflation can be written as Ө-Ө=-ἀ(u-u). Here Ө is the present year's rate of inflation, Ө is the previous year's rate of inflation, u is the actual rate of unemployment and u is the natural rate of unemployment. ἀ is the parameter that captures the effect of unemployment on the wage. The L.H.S (left hand side) of the equation is the change in the inflation rate. The above equation explains that the change in the rate of inflation depends upon the difference between the actual rate

neg: Pea-pickers During the Great Depression, the American government, without due process, deported between 1 and 2 million American citizens and legal residents of Mexican descent. This mass deportation, known as the Mexican Repatriation, took place from 1929 to 1939 and was empowered by panic of an alarming low unemployment rate sweeping over the United States at this time. The Dust Bowl was the name given to the Great Plains region devastated by drought in 1930s depression-ridden America. This triggered the migration of men, women and children seeking work, food and shelter making their way to California, hoping to find opportunity and

neg: The Commanding Heights War I, the 1920s saw great economic expansion for upper-income individuals as well as a growth in median income. However, labor unrest continued to mount throughout the 1920s and 1930s as the lack of wage and hour rules, child labor protections, unemployment insurance, the right to organize, workplace safety requirements and social security insurance continued to exacerbate the discontents of the substantial numbers of working poor. The Great Depression caused massive unemployment and with it massive public distrust of corporations and wealthy individuals. In response, the New Deal instituted by Franklin D. Roosevelt went into effect with massive public support.

neg: Alfred Wagenknecht was finally divorced in January 1948. With the coming of the Great Depression in 1929 and its deepening in subsequent years, the CPUSA began placing great emphasis on attempting to organize and mobilize unemployed workers. In November 1930, Wagenknecht was placed in charge of the National Campaign Committee for Unemployment Insurance, a single-purpose mass organization of the party aimed at organizing around the issue of unemployment insurance. The group conducted a massive petitioning campaign which rapidly gathered what were claimed to be 1.4 million signatures, which Wagenknecht and a delegation of 140 presented to Congress on February 10, 1931. The

neg: Crisis in Venezuela and violently repressing opposition. Political corruption, chronic shortages of food and medicine, closure of companies, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis. The contraction of national and per capita GDPs in Venezuela between 2013 and 2017 was more severe than that of the United States during the Great Depression, or of Russia, Cuba, and Albania following the collapse of the Soviet Union. In recent years, the annual inflation rate for consumer prices rose hundreds and thousands of percentage points while the economy contracted by

neg: European interwar economy timber industry. This allowed Finland to experience tremendous growth during the latter half of the 1930s. Norway also grew after a strong recovery in 1934 from stagnant foreign trade and rising unemployment caused by the great depression. Denmark’s neutrality during World War 1 allowed it to supply both sides and profit from this war. It used this profit to lessen the effects of the great depression and stimulate a quick economic recovery. Sweden did not feel the effects of the great depression until the early 1930s, but recovered quickly and stabilized its economy by supplying goods to most of Europe.

neg: Michigan Heritage Park crops that remain to this day. This building shows what living in a typical farmhouse from this era was like. There was no electricity, running water and outside is an outhouse. The stock market crashed on October 29, 1929, which was a precursor and causation of the Great Depression. The nation’s unemployment was 25% at the beginning. Franklin D. Roosevelt became president in 1933. One of the first things he did was form the Federal Emergency Relief Administration and the Civilian Conservation Corps (CCC) was part of that to create employment. The work provided improved deforestation erosion and soil quality.

neg: Ybry the modern geometrical bottles. Ybry also had an office in New York City. Ybry perfumes were advertised as being "the most expensive in the world". During the Great Depression the unemployment and panic in the United States was to have a chilling effect on the fortunes of the French luxury trades. The production costs of the prestigious and luxurious Ybry creations weakened the financial position of the company and Simon Jaroslawski went into personal bankruptcy in 1932. The Ybry brand name however continued to exist in the USA until the 1940s. Jaroslawski collaborated with Baccarat for the perfume bottles but

neg: Ronald Reagan years in office at an annual rate of 7.9% per year, with a high of 12.2% growth in 1981. Unemployment peaked at 10.8% monthly rate in December 1982—higher than any time since the Great Depression—then dropped during the rest of Reagan's presidency. Sixteen million new jobs were created, while inflation significantly decreased. The Tax Reform Act of 1986, another bipartisan effort championed by Reagan, simplified the tax code by reducing the number of tax brackets to four and slashing a number of tax breaks. The top rate was dropped to 28%, but capital gains taxes were increased on those with

neg: Deflation printed during the Civil War. The fourth was in 1930–1933 when the rate of deflation was approximately 10 percent/year, part of the United States' slide into the Great Depression, where banks failed and unemployment peaked at 25%. The deflation of the Great Depression occurred partly because there was an enormous contraction of credit (money), bankruptcies creating an environment where cash was in frantic demand, and when the Federal Reserve was supposed to accommodate that demand, it instead contracted the money supply by 30% in enforcement of its new real bills doctrine, so banks toppled one-by-one (because they were unable to

neg: Presidency of Barack Obama rates remained near zero for much of Obama's presidency, and the Federal Reserve did not raise interest rates during Obama's presidency until December 2015. There was a sustained increase of the U.S. unemployment rate during the early part of the administration, as multi-year economic stimulus efforts continued. The unemployment rate reached a peak in October 2009 at 10.1%. However, the economy added non-farm jobs for a record 75 straight months between October 2010 and December 2016, and the unemployment rate fell to 4.7% in December 2016. The recovery from the Great Recession was marked by a lower labor force participation

neg: Modern social statistics of Native Americans on the Blackfoot Reservation in Montana has been 69%. This is in comparison to the American national unemployment rate of 6.7% , or even during the worst part of the Great Depression at 25%. According to the 2000 Census, Indians living in Indian country have incomes that are less than half of the general U.S. population. The US Census reports that the median income of households based on a three-year average from 2003-2005 was $33,627. In 1989, the median income of Native American households was $19,900. Average income varies by tribe and can range from $29,211 in the Osage tribe,

neg: 1998–2002 Argentine great depression unemployment rate, nearly 25%. Argentine agricultural products were rejected in some international markets for fear that they might have been damaged by the chaos. The US Department of Agriculture put restrictions on Argentine food and drug exports. Duhalde eventually stabilised the situation somewhat and called for elections. On 25 May 2003, Néstor Kirchner took office as the new president. Kirchner kept Duhalde's Minister of Economy, Roberto Lavagna. Lavagna, a respected economist with centrist views, showed a considerable aptitude at managing the crisis, with the help of heterodox measures. The economic outlook was completely different from that of the 1990s ds.

neg: Comparisons between the Great Recession and the Great Depression unlike the Great Depression, this recession was synchronized by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries. The chief economist of the IMF, Dr. Olivier Blanchard, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the US, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link

neg: History of economic thought was held in July 1944 to establish a new economic order, in which Keynes was again to play a leading role. During the Great Depression, Keynes published his most important work, "The General Theory of Employment, Interest and Money" (1936). The Great Depression had been sparked by the Wall Street Crash of 1929, leading to massive rises in unemployment in the United States, leading to debts being recalled from European borrowers, and an economic domino effect across the world. Orthodox economics called for a tightening of spending, until business confidence and profit levels could be restored. Keynes by contrast, had

neg: Causes of unemployment in the United States structural. During the Great Depression, "hard core" structural unemployment was very common. Hard-core unemployment refers to individuals that have been unemployed for a prolonged period of time (i.e. six months, over a year). The hard core unemployment phenomenon present in the 1930s is believed to be caused by not only the depression, but also a shift in business personnel policies. In the 1920s, businessmen found the most profitable wage to be the "efficiency wage", one that attracted more productive workers. This resulted in new policies designed to find trained, efficient workers, and to encourage other workers to become more like

neg: Early 1990s depression in Finland Early 1990s depression in Finland The early 1990s depression in Finland was one of the worst economic crises in Finland's history, even worse there than the depression of the 1930s. The depression of 1991–1993 had a deep effect on the economy of Finland throughout the 1990s, especially in terms of employment but also in culture, politics and the general sociopolitical atmosphere. During this period the gross national product decreased 13% and the unemployment rose to 18.9% from 3.5%. Since then, despite overall recovery, the unemployment has been persistent, and Finland has never returned to the state of near full employment

neg: Early 1990s depression in Finland grew into a world market leader in less than a decade. Early 1990s depression in Finland The early 1990s depression in Finland was one of the worst economic crises in Finland's history, even worse there than the depression of the 1930s. The depression of 1991–1993 had a deep effect on the economy of Finland throughout the 1990s, especially in terms of employment but also in culture, politics and the general sociopolitical atmosphere. During this period the gross national product decreased 13% and the unemployment rose to 18.9% from 3.5%. Since then, despite overall recovery, the unemployment has been persistent, and

neg: Hacker-Craft process quickly became the must-have play thing for the rich and famous. In 1930 the King of Siam ordered a custom-built Landau-top runabout powered with an Packard engine. Only four authorized dealers offered Hacker boats to the public during this period. The company did most of its business through factory direct orders from the customer, and excelled in custom-built craft. The Great Depression had a devastating effect on the pleasure-boat market. In 1935 Hacker took on a business partner, John Mcready, who quickly assumed day-to-day control of the company. Meanwhile, Hacker focused on designing boats in what was to become

neg: Great Depression in the United Kingdom after the 1931 election, introduced tariffs on industrial and agricultural imports at a rate of 10% on all imports except those from the countries of the British Empire. The introduction of tariffs caused a split in the Liberal Party, some of whom, along with Phillip Snowden, withdrew support for the National Government. Although the overall picture for the British economy in the 1930s was bleak, the effects of the depression were uneven. Some parts of the country, and some industries, fared better than others. Some parts of the country such as the South Wales Valleys experienced mass unemployment and poverty,

neg: Cities in the Great Depression the outer neighborhoods, gained ten percent. The low birth rate of Parisians was compensated by a new wave of immigration from Russia, Poland, Germany, eastern and central Europe, Italy, Portugal and Spain. Political tensions mounted in Paris with strikes, demonstrations and confrontations between the Communists and "Front populaire" on the extreme left and the Action Française on the extreme right. In Germany, the depression had reached its worst in 1932, with 6 million unemployed, spread throughout every city. From 1928 to 1932 unemployment in Berlin soared from 133,000 to 600,000. In Hamburg, a port city, the numbers went from 32,000

neg: Depression of 1920–21 recessions of 1910–12 and 1913–1914 (24 and 23 months respectively). It was significantly shorter than the Great Depression (132 months). Estimates for the decline in Gross National Product also vary. The U.S. Department of Commerce estimates that GNP declined 6.9%, Nathan Balke and Robert J. Gordon estimate a decline of 3.5%, and Christina Romer estimates a decline of 2.4%. There is no formal definition of economic depression, but two informal rules are a 10% decline in GDP or a recession lasting more than three years, and the unemployment rate climbing above 10%. The recession of 1920–21 was characterized by extreme

neg: History of Buffalo, New York Erie Canal. Hydroelectric power harnessed from nearby Niagara Falls made Buffalo the first American city to have widespread electric lighting yielding it the nickname, the ""City of Light"". Electricity was used to dramatic effect at the Pan-American Exposition in 1901. The Pan-American was also notable for being the scene of the aforementioned assassination of President William McKinley. The opening of the Peace Bridge linking Buffalo with Fort Erie, Ontario on August 7, 1927 was an occasion for significant celebrations. The Great Depression of 1929-39 saw severe unemployment, especially among working class men. The New Deal relief programs operated full force.

neg: Anaconda Copper demand led to the company making massive layoffs in both the United States and Chile (up to 66 percent unemployment rate in the Chilean mines). On March 26, 1931, Anaconda cut its dividend rate 40%. John D. Ryan died in 1933 and was buried in a copper coffin. His mighty Anaconda shares, once worth $175 each, had dropped to $4 at the bottom of the Great Depression. Cornelius Kelley became the Chairman in 1940. Butte mining, like most U.S. industry, remained depressed until the dawn of World War II, when the demand for war materials greatly increased the need for

neg: Unemployment in Ontario a larger increase in unemployment being experienced by females. Immigrants, especially recent immigrants, face challenges with unemployment. Inuit and First Nations people also have higher rates of unemployment. In recent years following the Great Recession, regions or cities such as Windsor, Oshawa, London and Peterborough, heavily dependent on auto manufacturing have been severely impacted by unemployment. In December 2013 Toronto proper unemployment rate deteriorated to 10.1%. Issues related to creating employment involve many socio-political-economic-environmental factors and complexities. In Ontario, center and left leaning governments have supported strong infrastructure building and social safety net policies while right leaning governments have pursued

neg: Keynesian economics be the one for which the implied level of saving at the established interest rate is equal to "Î". In Keynes's more complicated liquidity preference theory (presented in Chapter 15) the demand for money depends on income as well as on the interest rate and the analysis becomes more complicated. Keynes never fully integrated his second liquidity preference doctrine with the rest of his theory, leaving the task to be completed by John Hicks: see the IS-LM model below. Although Keynes rejects the classical explanation of unemployment based on wage rigidity it is not clear what effect the wage rate

neg: Great Depression in the United States 1920s, except for unemployment, which remained high. In 1937, the American economy unexpectedly fell, lasting through most of 1938. Production declined sharply, as did profits and employment. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938. A contributing factor to the Recession of 1937 was a tightening of monetary policy by the Federal Reserve. The Federal Reserve doubled reserve requirements between August 1936 and May 1937 leading to a contraction in the money supply. The Roosevelt Administration reacted by launching a rhetorical campaign against monopoly power, which was cast as the cause of the depression, and appointing Thurman Arnold

neg: 2002 Winter Olympics on the unemployment rates in Utah, due mostly to the effect of the early 2000s recession. In 1996, the unemployment rate in Utah was approximately 3.4% while the U.S. national average was 5.4% and by the end of 2001, the unemployment rate in Utah was around 4.8% while the national average had risen to 5.7%. There was a high percentage of visitors to the Games, which raised the number of tourists whose consumption and demand prompted the establishment of job opportunities to meet the demands. This caused Utah's unemployment rate to climb during the Olympics and following the Olympics these

neg: Causes of the Great Depression Causes of the Great Depression The causes of the Great Depression in the early 20th century have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises. The specific economic events that took place during the Great Depression are well established. There was an initial stock market crash that triggered a "panic sell-off" of assets. This was followed by a deflation in asset and commodity prices, dramatic drops in demand and credit, and disruption of trade, ultimately resulting in widespread unemployment (over 13 million people were unemployed by

neg: Comparisons between the Great Recession and the Great Depression stocks was not as low as in the 1930s or 1980s, inflation-adjusted U.S. housing prices in March 2009 were higher than any time since 1890 (including the housing booms of the 1970s and 1980s), the recession of the early 1930s lasted over three-and-a-half years, and during the 1930s the supply of money (currency plus demand deposits) fell by 25% (where as in 2008 and 2009 the Fed "has taken an ultraloose credit stance"). Furthermore, the unemployment rate in 2008 and early 2009 and the rate at which it rose was comparable to most of the recessions occurring after World War

neg: History of pound sterling in Oceania devaluation would have on imports to Fiji while keeping an eye on how Australia and New Zealand were going to respond to the situation. On 28 November 1967, Fiji decided to partially revalue its pound, hence resulting in a sterling exchange rate of £104.10.0 Fijian = £100 sterling. This had the effect of bringing the Fijian pound closer to its original relationship to Australian and New Zealand pounds prior to the upheavals which took place in the exchange rates at the time of the Great Depression. In 1969, the Fijian pound was replaced by the Fijian dollar at a rate

neg: Unemployment benefits quickly filled by new entrants into the labor market. A survey of studies on unemployment insurance's effect on employment by the Political Economy Research Institute found that unemployed who collected benefits did not find themselves out of work longer than those who "didn’t" have unemployment benefits; and that unemployed workers did not search for work more or reduce their wage expectations once their benefits ran out. One concern over unemployment insurance increasing unemployment is based on experience rating benefit uses which can sometimes be imperfect. That is, the cost to the employer in increased taxes is less than the benefits

neg: Great Depression in the Netherlands trading opportunities. Another problem was the combination of high post-World War I birthrates and increasing labour productivity, which meant that any increase of demand didn’t cause general welfare increase and a fall of unemployment. Until 1931 the social consequences of the economic crisis had been limited; by decreasing work hours and wages mass unemployment had so far been avoided in most sectors. However, around 1931 mass unemployment did start and those workers who could keep their jobs often had to accept significant wage cuts. Rough estimates of unemployment show a surge between 1930 and 1932, and a steady increase up

neg: Merced, California Monitor, a Cary, North-Carolina-based real-estate research firm. Home prices have since rebounded, with the median sale price in April 2018 at $247,000. Earlier, home building and buying grew exponentially in Merced, but the metro area went to a 14.2% unemployment rate in December 2013. Having since recovered to a rate of 8.7% in April 2018, it is still above the national and state unemployment averages. However, some efforts have been directed towards diversifying its economy and are showing a lowering trend in the overall unemployment rate, according to the Bureau of Labor Statistics. During the Great Recession Merced suffered one

neg: Job losses caused by the Great Recession September 2009 Australian unemployment rate: 5.7% October 2009 Australian unemployment rate: 5.8% The unemployment rate for October rose slightly due to population growth and other factors leading to 35,000 people looking for work, even though 24,500 jobs were created. In general, throughout the subdued economic growth caused by the recession in the rest of the world, Australian employers have elected to cut working hours rather than fire employees, in recognition of the skill shortage caused by the resources boom. In September 2007, approximately a year before the recession began, unemployment stood at 1,649,000.By the end of 2008, that figure had

neg: Unemployment demand deposits) velocity is far more predictive of inflation than low unemployment. Some demand theory economists see the inflation barrier as corresponding to the natural rate of unemployment. The "natural" rate of unemployment is defined as the rate of unemployment that exists when the labour market is in equilibrium and there is pressure for neither rising inflation rates nor falling inflation rates. An alternative technical term for this rate is the NAIRU, or the "Non-Accelerating Inflation Rate of Unemployment". No matter what its name, demand theory holds that this means that if the unemployment rate gets "too low," inflation will

neg: The Forgotten Man: A New History of the Great Depression length of the Depression and for its effects on individuals. Shlaes praises the model offered by Wendell Willkie before the 1940 presidential election, where the New Deal would have been scaled back and business would have stepped in. The book begins with an anecdote of the 1937 recession, eight years after the Depression began, when Roosevelt adopted budget-balancing policies indistinguishable from the stereotype of what Hoover supposedly did. Shlaes presents her arguments in part by telling stories of self-starters who showed what the free market could have accomplished without the New Deal. The book argues that members of FDR's "Brain

neg: 1998–2002 Argentine great depression peso-dollar parity in 2002. This change, in turn, caused severe economic and political distress in the country. The unemployment rate rose above 20 percent and inflation reached a monthly rate of about 20 percent in April 2002. In contrast, Hong Kong was able to successfully defend its currency board arrangement during the Asian financial crisis, a major stress test for the arrangement. Although there is no clear consensus on the causes of the Argentine crisis, there are at least three factors that are related to the collapse of the currency board system and ensuing economic crisis: While the currency crisis

neg: Economy of Nazi Germany share of Mefo’s five-year promissory notes fell due, so the government employed “highly dubious methods” where “banks were forced to buy government bonds, and the government took money from savings accounts and insurance companies” in order to pay the holders of Mefo bills, due mainly to a serious government cash shortage. Meanwhile, Schacht's administration achieved a rapid decline in the unemployment rate, the largest of any country during the Great Depression. By 1938 unemployment was practically extinct. The main economic priority of the Nazi government, which set it apart from previous German governments, was to rearm and rebuild Germany’s military