Historical Events tagged with "recession"
Turns out history loves a label—battles, breakthroughs, and the occasional disaster, all neatly tagged for your browsing pleasure. Because sometimes you just need every weird invention in one place.
U.S. Unemployment Rate Reaches 14.9 Percent
In May 2020, the U.S. unemployment rate surged to 14.9 percent due to the economic effects of the COVID-19 pandemic, indicating the highest level since the Great Depression. This rapid increase was attributed largely to widespread business closures and lockdown measures aimed at containing the virus, which affected millions of workers across various industries nationwide. The staggering number of job losses highlighted the profound impact of the pandemic on the economy and prompted urgent discussions about economic relief and recovery.
Continue ReadingLehman Brothers files for Chapter 11 bankruptcy
Lehman Brothers, a major global financial services firm, filed for Chapter 11 bankruptcy in New York, marking the largest bankruptcy in U.S. history. The firm faced severe liquidity issues due to its high exposure to subprime mortgages and the collapsing housing market. The filing, which took place on September 15, created immediate turmoil in the global financial markets, leading to a crisis that would affect economies worldwide. The collapse was a pivotal moment in the financial crisis of 2008.
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