Economy

12 Pages 3070 Words

oyment
Recessionary forces impacted employment during this period in ways never recorded in past recessions. Prior to the recession employment was strong, with rates nearly twice that of prior recession. When the NBER determined the 1900-91 a recession several industries experienced their first recessionary employment drop, while others remarkably were not as severally affected as in the past. Declines were more widespread across the major occupational and industry groups. White-collar workers in general and workers in the finance, insurance, and real estate industry were at greater risks in losing their jobs in the early 1990’s than any time in the past. Employment in construction and trade decreased at a faster rate than the average for prior recessions, and unusual weakness was evident in the services industry as well. In contrast to these worse-than-average performances mining, transportation, and public utilities had milder employment declines than prior recessions. Another notable first time decrease came in adult women’s employm...