Recession Affecting Most of Us
Unemployment resulting from the Recession of 2007 maxed out at 10.6%, most Americans felt the pinch of the recession in one way or another according to a new study published in Business Week. The Pew Research Center reports that 55% have either lost a job, or seen their salary or work hours reduced. A full 32% have been unemployed at some point during the recession, while 28% have been forced to work fewer hours and 11% to work just part-time. Naturally, though perhaps compounding the recession, 62% have cut back on their spending while only 6% are spending more than they were prior to the recession.
Though 54% think the country is still in the depths of the recession, there are signs of hope. 62% expect their personal finances to improve over the next year and 15% believe the economy is now back on the right track.
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TeachingWithData.org is a partnership between the Inter-university Consortium for Political and Social Research (ICPSR) and the Social Science Data Analysis Network (SSDAN), both at the University of Michigan. The project is funded by NSF Award 0840642, George Alter (ICPSR), PI and William Frey (SSDAN), co-PI.
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