Recessions are benchmarked relative to the years around it not overall economy by historic standards. At the peak of 2008’s recession things were still doing quite well. 10.0% unemployment and 5.1% drop in GDP from the peak is tiny.
It doesn’t even qualify in the top 10 US recessions: https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit...
Recessions are benchmarked relative to the years around it not overall economy by historic standards. At the peak of 2008’s recession things were still doing quite well. 10.0% unemployment and 5.1% drop in GDP from the peak is tiny.
It doesn’t even qualify in the top 10 US recessions: https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit...