How did the 20072009 recession affect US trade relations and

How did the 2007-2009 recession affect U.S. trade relations and the U.S. dollar exchange rate?

How were GDP, inflation, and unemployment affected during the 2007-2009 recession?

Solution

In tthis 2007-09 recession, Us trading rates, employment rates and much more was affected such as employment supported by U.S. consumer spending declined by around 3.2 million jobs between ,over a third of total job declines during that time frame.

If we talk about economy ,Compared with the overall economy, consumer-related employment demonstrated relative resilience, recovering in 2012. Through 2022, consumer spending is projected to support stable job growth with increasing expenditures on labor-intensive services like health care. However, consumer spending and its related employment are projected to grow slower than in the past and at rates similar to the overall economy.

In 2007, ,, 85.1 million nonagricultural wage and salary jobs related to consumer spending; these jobs were 61.5 percent of total nonagricultural wage and salary employment in the United States..But unlike GDP, the percentage of U.S. jobs tied to consumption has fluctuated within a relatively stable range since the late 1970s because of labor-saving technologies and increased consumption of imports

During , late-2007 through mid-2009, the economy steeply contracted and nearly 8.7 million jobs were lost. Consumer spending experienced the most severe decline since World War II.

Households cut spending, shed outstanding debt, and increased their rate of personal savings in response to reductions in income, wealth, confidence, and credit access.