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Tools for Teaching with GeoFRED®: Editing the Legend and Changing Colors by Mapping an Oil Boom (Dashboard)

This dashboard corresponds to the activity of the same name available at https://www.stlouisfed.org/education/mapping-an-oil-boom

The item numbers here correspond to the item numbers noted in that activity.

Item 1: Real GDP During the Great Recession

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Item 2: Civilian Unemployment Rate During the Great Recession

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Item 3: Natural Rate of Unemployment (Long-Term) During the Great Recession

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Item 4: Unemployment Rates During the Great Recession

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Item 5: North Dakota and U.S. Housing Price Indexes Around the Great Depression

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Item 6: Capacity Utilization During the Great Recession

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Note

Use Item 1 with Step 4 on p. 4 of the activity and
with Step 1 on p. 9.

U.S. output during the Great Recession, measured by real GDP (in billions of dollars), shrank by approximately 1/2 trillion dollars from December 2007 through June 2009.

NOTE: A recession is a period of declining real income and rising unemployment. This particular contraction has come to be known as the Great Recession due to its length, magnitude, and global effects.

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Note

Use Item 2 with Step 5 on pg. 4.

The civilian unemployment rate reached a high of 10.0 percent shortly after the Great Recession, in October 2009.

NOTE: To be counted as unemployed, a person must be at least 16 years old, without a job, and actively seeking work.

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Note

Use Item 3 with Step 6 on p. 5.

While the steep slope of the curve gives the appearance of a dramatic increase, the actual value increased very little, rising only about 0.05% during the Great Recession.

NOTE: The natural rate of unemployment (long-term) is the long-term unemployment rate unaffected by the ups and downs of the business cycle.

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Note

Use Item 4 with Step 4 on Page 7.

The approximately 0.05% increase in the natural rate of unemployment during the Great Recession appears small compared with the steep and rapid 4.5% increase in the civilian unemployment rate.

NOTE: The civilian unemployment rate is the most commonly reported measurement of U.S. unemployment and is sometimes referred to as “U3.” Alternative measures of labor underutilization and their descriptions can be on FRED® at http://research.stlouisfed.org/fred2/release/tables?rid=50&eid=4772.

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Note

Use Item 5 with Step 7 on p. 10.

During the Great Recession, house prices in North Dakota rose by about 5%, while those for the U.S. fell by nearly 13%.

NOTE: This graph uses indexed values estimated from home sales and appraisal data to show changes in housing prices. Both data series are indexed to 100 at the start of the Great Recession.

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Note

Use Item 6 with Step 9 on page 11.

During the Great Recession. Capacity Utilization: Total Industry, a measure of overall economic health, declined significantly—17.2%.

NOTE: Capacity Utilization: Total Industry is the percentage of resources used by corporations and factories to produce goods in manufacturing, mining, and electric and gas utilities for all facilities located in the United States (excluding those in U.S. territories). We can also think of capacity utilization as how much capacity is being used from the total available capacity to produce demanded finished products.

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