Advances in Economics, Management and Political Sciences
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Proceedings of the 2023 International Conference on Management Research and Economic Development
Series Vol. 25 , 13 September 2023
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Changes in Labor Market after Financial Crisis in United States
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Abstract
The unemployment rate in the United States surged to approximately ten percent in October 2009, achieving a historic high since July 1983, as a result of the mortgage crisis in the early twentieth-first century. Through time series analysis, this research paper examines the degree to which the three categories of the unemployment rate: overall, adult, and youth; had been affected by the housing bubble. This research paper discovers that the youth unemployment rate had been affected the most by the Great Recession. This research paper also concludes that the housing crisis in 2008 had lagging effects on the unemployment rate because undulations in the labor market necessitate additional time to be perceived, unlike the direct impact of the crisis on stock market price. Suggestions proposed by this research paper to the government and financial institutions include the implementation of rigorous manipulation in the credit system and the supervision of uncontrolled increases in prices.
Keywords
housing bubble, unemployment, time series analysis
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2023 International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-915371-93-5
- ISBN (Online)
- 978-1-915371-94-2
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/25/20230484
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited