The great recession and its aftermath

The pace of collapse in residential investment picked up speed in the first quarter ofdropping

The great recession and its aftermath

The great recession and its aftermath

By the same token, they take longer to recover and experience a harder time coming back -- even when the broader economy is improving. Nevertheless, in October the number of state- and local-government jobs rose to This is still well below the peak reached inbut at least it signals a significant change in momentum.

Indeed, 72 percent of city finance officers believe that their cities are better able to meet their financial needs this year, according to the National League of Cities' City Fiscal Conditions report issued in October. That's the most positive reading since While this upturn offers cheer to state- and local-government leaders, the trend is hardly universal.

From Detroit to Jefferson County, Ala.

What was 'The Great Recession'

Moreover, with little evidence of progress in the congressional budget negotiations going on in Washington, another round of sequestration spending cuts could be triggered on Jan.

In its study of 30 cities, Pew found that for 80 percent of them intergovernmental aid played a key role in whether they achieved or exceeded pre? Another way to measure the relative financial performance of cities is demonstrated in a report issued in November by the Chicago Civic Federationwhose blogs track local-government financial indicators.

The November report, which stems from a larger, ongoing project, used nine indicators to measure the relative financial performance of Chicago versus a dozen other cities from fiscal year toa time frame encompassing the Great Recession and its aftermath.

Policy Basics: Deficits, Debt, and Interest | Center on Budget and Policy Priorities

As the accompanying table indicates, only Boston and Detroit consistently performed worse than Chicago by these metrics. The federation's blog points out that it is important to note that the top 11 cities' average ranks were within a close range, between 5.

Boston's and Detroit's averages, however, tell another story. Those two cities, the federation wrote, "had trends that were relatively poor more consistently.

Austerity in the Aftermath of the Great Recession. Christopher L. House University of Michigan and NBER. In the aftermath of the crisis, however, economic performance has varied. do not attempt to explain the Great Recession and its transmission - rather, we focus on the. Great Recession from becoming a far worse economic event than it otherwise would have been (CBO, ). The US economy halted its decline in the second half of The recession that gripped the economy over the last four years has been the worst since the Great Depression. By no means is it over -- at the rate of job creation seen in January , the economy won't return to pre-recession levels of employment until

And while the federation employed useful, familiar financial indicators that make intuitive sense, its report does not prescribe the way in which all governments ought to be examined since there are hundreds of possible indicators of financial condition.

Moreover, the 13 cities the federation examined represent vastly different governmental conditions and demographics. The federation also pointed out that municipalities may and do implement accounting changes for any given fiscal year, and that such changes can have a significant impact on how financial data is reported.

That, in turn, can over time create a misleading trend.

The great recession and its aftermath

Still, the Civic Federation's report and those from the League of Cities, Pew and other organizations that dig deeply into the fiscal health of local governments provide useful tools for public officials looking for ways to weather the next economic downturn.The Great Recession and slow recovery from that recession made it harder for the unemployed to transition into employment.

Exit rates from unemployment into employment fell .

Great Recession - HISTORY During this seismic economic shift, referred to as the Great Recessionmany - if not most people - faced a myriad of unprecedented challenges.
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Great Recession - HISTORY