The Great Recession of 2007 to 2009

◦ Provide a brief description of the general performance of the output of goods and services produced in the United States during periods of recessions (from 1980 to 2009).
◦ Provide a general description of the performance of the economy during the Great Recession of 2007 to 2009 (Hint: focus your discussion on the following economic indicators: unemployment rates, incomes, profits, financial markets, real estate market etc.).
2 Plot real GDP per Capita (FRED code: A939RC0Q052SBEA) from 1977 (January) to 2018 (January).
◦ Provide a general description of the performance of real GDP per capita from 1977 to 2018.
◦ Most Economists, Policymakers, Social Scientists, and Business Analysts use a country’s real GDP per capita as the main indicator of the average person’s standard of living in that country. Robert Kennedy expressed his disagreement with the over-reliance on the use of GDP per capita with the following comments:
▪ Gross Domestic Product, he argues “… does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans” (1968, para. 23).
◦ Do you agree or disagree with the late Robert Kennedy’s assessment of the importance of GDP per capita in determining the standard of living? Provide reasons to support your position.
Part B: Jobs and Unemployment (Chapter 15)
Items A-E below will require Multi-Series Graphs. This means plotting a graph with more than one variable (line). To add an additional line (variable) to a graph, you will first plot the initial variable, then click on the tab labeled as “Edit Graph.”  An Edit Graph box opens. Click on the tab labeled “Add Line” within the Edit Graph box, and type the FRED code for the additional variable and hit enter.  Select the correct variable from the list that populates and click the “add data series” tab.  Note: you will do a separate Multi-Series Graph for each grouping (A-E) below:
1 Measures of Unemployment
◦ Plot the variable Civilian Unemployment Rate (FRED code: UNRATE) from 1997 (January) to 2018 (January). (Note: this is the official Unemployment Rate)
◦ Create a Multi-Series Graph and plot the variable Special Unemployment Rate (FRED Code – U6RATE) from 1994 (January) to 2018 (January). (Note: this is Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part-Time for Economic Reasons, as a Percent of the Civilian Labor Force plus all Marginally Attached Workers).
2 Duration Unemployment
◦ Plot the variable Of Total Unemployed, Percent Unemployed Less Than 5 Weeks (FRED code: LNS13008397) from 1977 (January) to 2018 (January).
◦ Create a Multi-Series Graph and plot the variable Of Total Unemployed, Percent Unemployed 27 Weeks and Over  (FRED code: LNS13025703) from 1977 (January) to 2018 (January).
3 Educational Attainment
◦ Plot the variable Unemployment Rate – Bachelor’s Degree and Higher, 25 years and over (FRED code: LNS14027662) from 1997 (January) to 2018 (January).
◦ Create a Multi-Series Graph and plot the variable Unemployment Rate – High School Graduates, No College, 25 years and over (FRED code: LNU04027660) from 1997 (January) to 2018 (January).
4 Gender
◦ Plot the variable Unemployment Rate – Men (FRED code: LNS14000001) from 1977 (January) to 2018 (January).
◦ Create a Multi-Series Graph and plot the variable Unemployment Rate – Women (FRED code: LNS14000002) from 1977 (January) to 2018 (January).
5 Race
◦ Plot the variable Unemployment Rate – White (FRED code: LNS14000003) from 1977 (January) to 2018 (January).
◦ Create a Multi-Series Graph and plot the variable Unemployment Rate – Black (FRED code: LNS14000006) from 1977 (January) to 2018 (January).
◦ Create a third line (variable) on this graph by plotting the variable Unemployment Rate – Hispanic (FRED code: LNS14000009) from 1977 (January) to 2018 (January).
◦ Using the graphs on measures of unemployment, duration of unemployment, educational attainment, gender and race, provide a comprehensive assessment of the of the labor market during the period of the Great Recession (2007 to 2009). (NOTE: In responding to this question, please briefly comment on the employment situations before and after the Great Recession).