Based on the graph, it appears that when there is an increase in unemployment for a long time, it takes a long time to bring the rate back down. The opposite is also true. When there is an increase in unemployment for a short period of time, it takes less time for the rate to return to normal. For about two years, starting in 2007, the unemployment rate increased. It then took nearly a decade for the rate to return to normal. During 2020 there was a massive spike in unemployment for a few months. However, it only took a couple years for the rate to dip back down. In conclusion, the longer the period of recession is, the longer it takes to recover from it.
Chapter 8 Analyze and Respond
Chapter 8 Response
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