Unemployment in Ag-Dominant States during and after the Great Recession

Authors

Anil Giri, University of Central MissouriFollow
Kyle Lovercamp, University of Central Missouri
Sankalp Sharma, University of Nebraska-Lincoln

Date of this Version

5-4-2016

Document Type

Article

Citation

Cornhusker Economics, May 4, 2016, agecon.unl.edu/cornhuskereconomics

Comments

Copyright 2016 University of Nebraska.

Abstract

The United States and the world saw a major economic decline at the end of 2007. A recession is defined as two or more consecutive quarters of negative economic growth. This one was so severe that it was given a name -- The Great Recession --and called the worst economic crisis since The Great Depression. In the United States more than 7.5 million jobs were lost, doubling the unemployment rate (Grusky, D. B. et al, 2011). There have been several investigations into the causes of the economic recession. The general conclusion is that there were complex and interlinked factors behind the emergence of the crisis, namely loose monetary policies, global imbalances, misperception of risk and lax financial regulation (Verick, S., & I. Islam, 2010).