less likely to make loans.

To make matters even worse, as businesses sold less, their expected future profit decreased, and this led to a drop

in stock prices. Combining all these effects led to major decreases in incomes, demand, consumption, and

employment, and to the Great Recession, which in the United States officially lasted from December 2007 to June

2009. During this time, the unemployment rate rose from 5% to a peak of 10.1%. Four years after the recession

officially ended, unemployment was still stubbornly high, at 7.6%, and 11.8 million people were still unemployed.

As the world’s leading consumer, if the United States goes into recession, it usually drags other countries down with

it. The Great Recession was no exception. With few exceptions, U.S. trading partners also entered into recessions of

their own, of varying lengths, or suffered slower economic growth. Like the United States, many European countries
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