For most of us, a recession would not be a new experience,” says Rick Peterson, outgoing president of the Specialty Tool and Fasteners Distributor Association (STAFDA). Peterson was speaking at the STAFDA’s annual trade show and conference November in Denver, CO.
He cited historical statistics in his speech: 10 recessions since World War II, on average lasting 10 months each, a peak unemployment rate of 7.6% and a decline of gross domestic product (GDP) of 1.8%. The two worst modern recessions, he says, were those of 1973-1975 and 1981-1982. In those, unemployment reached 9% and 10%. “History tells us recessions are frequent and short-lived before the business cycle self-corrects and prosperity returns,” Peterson says.
The chief economist for the Manufacturers …
A History of Recessions
For most of us, a recession would not be a new experience,” says Rick Peterson, outgoing president of the Specialty Tool and Fasteners Distributor Association (STAFDA). Peterson was speaking at the STAFDA’s annual trade show and conference November in Denver, CO.
He cited historical statistics in his speech: 10 recessions since World War II, on average lasting 10 months each, a peak unemployment rate of 7.6% and a decline of gross domestic product (GDP) of 1.8%. The two worst modern recessions, he says, were those of 1973-1975 and 1981-1982. In those, unemployment reached 9% and 10%. “History tells us recessions are frequent and short-lived before the business cycle self-corrects and prosperity returns,” Peterson says.
The chief economist for the Manufacturers …
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Lindsay Young
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