Transcript Unemployment

A Then and Now Project
By Sandra Olivar and Long Vo
Stock Market
Crash
During the summer of
1929 stock prices began to
fall, and the stock market
kept dropping.
This was also known
as“Black Tuesday”
The Great Depression
 By the end of 1929 19 million families, or 71%, earned less than $2,500a a year.
 Factories continued to close because of overproduction and people lost their jobs.
 Many people had no salaries or savings to pay bills.
 Many farmers lost their farms.
Unemployment
 By the end of 1932, 12 million
workers were unemployed.
 30,000 businesses failed in 1932, as
the unemployment rate was at the
peak.
 By the end of 1933, the nation’s
unemployment rate was at nearly 25
percent, up from only 3 percent in
1929.
Hard Times
 Many people were hungry because they did not get enough food.
 Breadlines and soup kitchens became ways for people to survive.
 People who lost their jobs traveled the country looking for work.
 Young people, who could not find work, left their homes looking for food and shelter
where they could.
THE GREAT RECESSION
Recently the US has
gone through
another difficult
period of high
unemployment
called the Great
Recession.
UNEMPLOYMENT
 The Great Recession began
in December of 2007.
 In 2008 about 1.2 million
people were unemployed.
 This was 8.1%. of the
workforce, up from 5.1% in
2007.
 As a result many Americans
have had to deal with job
losses and money problems.
Recession
Results
 The recession led to falling salaries, store
sales, and GDP ( gross domestic product./
 People did not have enough money to pay
household bills or for college.
 Many faced the chance of losing their
homes.
 Homelessness and poverty increased.
Recovery
The unemployment rate grew to 10.1% in
2010.
Fortunately in 2012, the economy has
begun to get better.
The proof is an 8.1% unemployment rate
this year, a drop of 2% from 2010.
Even though there have been hard times
in recent years, things are getting better.
Work cited
http://money.cnn.com/2000/10/06/economy/economy/lindex.htm
http://www.usnews.com/opinion/mzuckerman/articles/2011/02/11/thegreat-recession-goes-on