Many Americans have forgotten what a deep recession feels like. In recent years, periods of economic expansion have lasted longer, and recent downturns have been relatively short and shallow. A look at the most recent recessions in the U.S.:
March 2001-November 2001
Duration: 8 months
Unemployment peak: 6.3 percent (June 2003)
Length of expansion preceding recession: 10 years
July 1990-March 1991
Duration: 8 months
Unemployment peak: 7.8 percent (June 1992)
Length of expansion preceding recession: 7 years, 6 months
July 1981-November 1982
Duration: 16 months
Unemployment peak: 10.8 percent (November 1982)
Length of expansion preceding recession: 1 year
January 1980-July 1980
Duration: 6 months
Unemployment peak: 7.8 percent (July 1980)
Length of expansion preceding recession: 4 years, 10 months
November 1973-March 1975
Duration: 16 months
Unemployment peak: 9 percent (May 1975)
Length of expansion preceding recession: 3 years
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Source: National Bureau of Economic Research, Bureau of Labor Statistics
