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07-Sep-2017 03:41

The United States went through its longest, and by most measures worst economic recession since the Great Depression between December 2007 and June 2009.

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The unemployment rate rose far higher than in the previous two recessions and far faster than (though not quite as high as) in the deep 1981-82 recession.

As a result of rising unemployment and declining labor force participation, the percentage of the population with a job fell sharply in the recession and stayed low through much of the recovery.

It began to move up in 20 as falling unemployment offset still-falling labor force participation.

The latter figure slightly exceeds the 2.2 percent average annual growth since the start of the recovery.

In its June 2017 , issued before the July GDP revisions, CBO projected that the gap between actual and potential GDP would close in 2018.However, CBO’s estimate predated the annual updating of GDP data that took place in July.