Date of this Version
Cornhusker Economics (August 2011)
Recovery may be seen as weak, but “The Great Recession” which officially began with a second consecutive quarter of negative economic growth in December, 2007, officially ended in June, 2009.
The effect of the recession on employment was dramatic and continues through today, with a seasonally adjusted national unemployment rate at 9.2 percent as of July, 2011, according to the National Bureau of Labor Statistics. Unemployment remains at or above ten percent in seven states.
Nebraska fared better than most states during the recession. The state’s seasonally adjusted unemployment rate never exceeded five percent and is currently at 4.2 percent and dropping. Only the oil boom state of North Dakota has a lower level of unemployment (3.2% as of July, 2011).