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In 2008 and 2009, the Federal Government enacted legislation to help the economy recover from the Great Recession. Examine the following graph showing the unemployment rate from 2005 to 2022 and answer the questions. Source: Bureau of Labor Statistics 3. What happened to the unemployment rate between 2010 and 2019? 4. Why does unemployment increase during a recession? 5. What do you think caused the spike in unemployment in 2020?
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3. The unemployment rate decreased between 2010 and 2019. This indicates that the economy was recovering from the effects of the Great Recession.
4. Unemployment typically increases during a recession because businesses may cut back on hiring or lay off workers in order to reduce costs. As a result, fewer job opportunities are available, leading to higher levels of unemployment.
5. The spike in unemployment in 2020 was mainly caused by the COVID-19 pandemic. In an effort to slow the spread of the virus, many businesses were forced to close or reduce operations, leading to mass layoffs and job losses across various industries. The lockdowns and restrictions put in place to combat the pandemic had a severe impact on the economy, resulting in a sharp increase in unemployment.