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The early 2000s recession was a decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States in 2002 and 2003. The UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, in fact began to recover from said situation. Japan's 1990s recession continued. This recession was predicted by economists, because the boom of the 1990s (accompanied by both low inflation and low unemployment) had already ceased in East Asia during the 1997 Asian financial crisis. The recession wasn't as significant as either of the two previous worldwide recessions. Some economists in the United States object to characterizing it as a recession since there were no two consecutive quarters of negative growth. ==United States== After the relatively mild 1990-91 recession ended in March 1991, the country hit a belated unemployment rate peak of 7.8% in mid-1992. Job growth was initially muted by large layoffs among defense related industries. However, payrolls accelerated in 1992 and experienced robust growth through the year 2000. Predictions that the bubble would burst emerged during the dot-com bubble in the late 1990s. Predictions about a future burst increased following the October 27, 1997 mini-crash, in the wake of the Asian crisis. This caused an uncertain economic climate during the first few months of 1998. However conditions improved, and the Federal Reserve raised interest rates six times between June 1999 and May 2000 in an effort to cool the economy to achieve a soft landing. The burst of the stock market bubble occurred in the form of the NASDAQ crash in March 2000. Growth in gross domestic product slowed considerably in the third quarter of 2000 to the lowest rate since a contraction in the first quarter of 1991. The NBER's Business Cycle Dating Committee has determined that a peak in business activity occurred in the U.S. economy in March 2001. A peak marks the end of an expansion and the beginning of a recession. The determination of a peak date in March is thus a determination that the expansion that began in March 1991 ended in March 2001 and a recession began (). The expansion lasted almost 10 years, the longest in the NBER's chronology (). According to the National Bureau of Economic Research (NBER), which is the private, nonprofit, nonpartisan organization charged with determining economic recessions, the U.S. economy was in recession from March 2001 to November 2001 (), a period of eight months at the beginning of President George W. Bush's term of office. However, economic conditions did not satisfy the common shorthand definition of recession, which is "a fall of a country's real gross domestic product in two or more successive quarters," and has led to some confusion about the procedure for determining the starting and ending dates of a recession. The NBER's Business Cycle Dating Committee (BCDC) uses monthly, rather than quarterly, indicators to determine peaks and troughs in business activity,〔http://www.nber.org/cycles/recessions.html, retrieved 8 April 2008〕 as can be seen by noting that starting and ending dates are given by month and year, not quarters. However, controversy over the precise dates of the recession led to the characterization of the recession as the "Clinton Recession" by Republicans, if it could be traced to the final term of President Bill Clinton. BCDC members suggested they would be open to revisiting the dates of the recession as newer and more definitive data became available.〔Henderson, Nell (January 22, 2004). (Economists Say Recession Started in 2000 ). ''The Washington Post.''〕 In early 2004, NBER President Martin Feldstein said: :"It is clear that the revised data have made our original March date for the start of the recession much too late. We are still waiting for additional monthly data before making a final judgment. Until we have the additional data, we cannot make a decision."〔 However, the NBER (has since confirmed that the recession started in March 2001 ). From 2000 to 2001, the Federal Reserve, in a move to protect the economy from the overvalued stock market, made successive interest rate increases; while this may have initiated the readjustment, it is starkly contrasted with the severe, prolonged recession that would have occurred had the unsustainable growth continued unabated.〔Ruddy, Christopher (January 31, 2006)(Alan Greenspan's Real Legacy ). ''Newsmax''. Retrieved on July 8, 2009.〕 Using the stock market as an unofficial benchmark, a recession would have begun in March 2000 when the NASDAQ crashed following the collapse of the Dot-com bubble. The Dow Jones Industrial Average was relatively unscathed by the NASDAQ's crash until the September 11, 2001 attacks, after which the DJIA suffered its worst one-day point loss and biggest one-week losses in history up to that point. The market rebounded, only to crash once more in the final two quarters of 2002. In the final three quarters of 2003, the market finally rebounded permanently, agreeing with the unemployment statistics that a recession defined in this way would have lasted from 2001 through 2003. The Labor Department estimates that a net 1.735 million jobs were shed in 2001, with an additional net 508,000 lost during 2002. 2003 saw a small gain of a mere 105,000 jobs. Unemployment rose from 4.2% in February 2001 to 5.5% in November 2001, but did not peak until June 2003 at 6.3%, after which it declined to 5% by mid-2005. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Early 2000s recession」の詳細全文を読む スポンサード リンク
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