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.
Item 2: Civilian Unemployment Rate During the Great Recession
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.
Item 5: North Dakota and U.S. Housing Price Indexes Around the Great Depression
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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