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Money and the economyLesson 4 of 8

Part 1 of 3, 0 done

13 min

Recessions: when the economy shrinks

In April 2020, US restaurants and bars lost millions of workers in one month. From 2007 to 2009, home builders lost jobs month after month. A recession doesn't hit every business the same way. Here's how to tell what one is, and what it does to a store's profit.

Ticket 01 · The guess

One month, one industry

How many jobs did US restaurants and bars lose in April 2020 alone?

1 million jobs
0 jobs10 million

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Sources and every number (2)

Sources

  • The Employment Situation, April 2020 (news release of May 8, 2020) · U.S. Bureau of Labor Statistics, 2020
  • US Business Cycle Expansions and Contractions (peaks, troughs and months of each contraction; updated March 2023) · National Bureau of Economic Research, 2020

Every number

  • 5.5 million jobsbls.gov ·2020 · Jobs lost at food services and drinking places in April 2020 alone (BLS, The Employment Situation).
  • 20.5 million jobsbls.gov ·2020 · Fall in total nonfarm payroll jobs in April 2020.
  • 14.7%bls.gov ·2020 · US unemployment rate, April 2020: the highest in the series' history.
  • 47%bls.gov ·2020 · Share of leisure and hospitality jobs lost in April 2020.
  • 2 monthsnber.org ·2020 · Months from the peak in February 2020 to the trough in April 2020 (NBER).
  1. Lessons›
  2. Money and the economy
  • ·Before this: Interest rates and the Fed
  • ·Next: Taxes: sales, income and payroll
Skip to the lesson

Money and the economyLesson 4 of 8

Part 1 of 3, 0 done

13 min

Recessions: when the economy shrinks

In April 2020, US restaurants and bars lost millions of workers in one month. From 2007 to 2009, home builders lost jobs month after month. A recession doesn't hit every business the same way. Here's how to tell what one is, and what it does to a store's profit.

Ticket 01 · The guess

One month, one industry

How many jobs did US restaurants and bars lose in April 2020 alone?

1 million jobs
0 jobs10 million

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (2)

Sources

  • The Employment Situation, April 2020 (news release of May 8, 2020) · U.S. Bureau of Labor Statistics, 2020
  • US Business Cycle Expansions and Contractions (peaks, troughs and months of each contraction; updated March 2023) · National Bureau of Economic Research, 2020

Every number

  • 5.5 million jobsbls.gov ·2020 · Jobs lost at food services and drinking places in April 2020 alone (BLS, The Employment Situation).
  • 20.5 million jobsbls.gov ·2020 · Fall in total nonfarm payroll jobs in April 2020.
  • 14.7%bls.gov ·2020 · US unemployment rate, April 2020: the highest in the series' history.
  • 47%bls.gov ·2020 · Share of leisure and hospitality jobs lost in April 2020.
  • 2 monthsnber.org ·2020 · Months from the peak in February 2020 to the trough in April 2020 (NBER).
  1. Lessons›
  2. Money and the economy
  • ·Before this: Interest rates and the Fed
  • ·Next: Taxes: sales, income and payroll