The Great Recession Essay

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In December 2007 to June 2009 labor markets were greatly affected. This time period was known as The Great Recession. The results ultimately took a huge impact on individuals and the environment itself. Many people lost their jobs and it eventually cut back consumer spending, which ultimately led to a collapse in business investment. We can say that it caused unemployment in the economy significantly. It is crucial for the economy to realize what affects unemployment and who is unemployed due to immoral issues. Across the country, some people tend to be less employed than others. Unemployment isn’t just measured by the number of people who do not have a working status, it can be measured across ages, genders, races, and education. Below, …show more content…

The red shaded boxes show the estimates that are statistically significant. Meaning that we are doing everything correct to detect the effect of state laws. We have measured changes in the average unemployment in weeks for older workers comparative to younger workers. We compared states with specific age discrimination protection laws and states that do not offer protections against age discrimination (FRBSF Economic Letter: Age Discrimination and the Great Recession). To elaborate, this figure shows that no statistical substantial effects due to age discrimination laws with “lower employer size minimums.” But, states with laws that allow “larger damage awards have an additional 5.57 weeks of unemployment for older men relative to younger men during the recession, and an additional 5.04 weeks of unemployment after the recession” (FRBSF Economic Letter: Age Discrimination and the Great Recession). On the other hand, in these states, “the unemployment duration of older women increased by 4.35 weeks less than that of younger women during the recession” ((FRBSF Economic Letter: Age Discrimination and the Great Recession). After the recession, we can conclude that unemployment for older women also declined. For women, unemployment was larger, but it was not as significant as it was for men in this

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