Use the graph to answer the following question
United States: real GDP, inflation, and unemployment, 2000-2017
Using the data above, explain the period of recession indicated above. Include information such as approximate beginning and ending dates, peak and trough years (2 points). Also include percent change in each indicator that demonstrates this recession (3 points).
REMINDER - Absolutely no outside resources are allowed to be used on tests. This includes but is not limited to the use of lessons, notes, internet resources, and artificial intelligence. To do so is a violation of the honor code and will be reported.
(5 points)
The period of recession indicated in the graph appears to be the Great Recession that occurred from approximately 2007 to 2009. The peak year was 2007 and the trough year was 2009.
During this recession:
- Real GDP experienced a significant decrease, with a percent change of approximately -4%.
- Inflation also decreased, with a percent change of around -1%.
- Unemployment rate spiked, with a percent change of about 5%.
Overall, these significant declines in real GDP, inflation, and increase in unemployment indicate the occurrence of a recession during this period.