what caused the last recession in the us
Great Recession in the United States Following the bursting of the housing bubble in mid-2007, and the housing market correction and subprime mortgage crisis the following year, the United States entered a severe recession.
1990s United States boom It was in the spring of 1994 that the U.S. economy finally reached "escape velocity": GDP growth surged and the number of jobs created (3.85 million) set a record that has yet to be surpassed as of 2015. But 1995 would bring a pause in economic growth, primarily because the Federal Reserve raised interest rates from 3% to 6% beginning in late-1994 to prevent inflation from rising after such rapid growth along with two government shutdowns that slowed the economy. The pause was short-lived, however, as the economy adjusted and the surge of investment in the Dot-Com bubble would jumpstart the economy beginning in late-1995. 1996 saw a return to steady growth, and in May 1997 unemployment fell below 5% for the first time since December 1973.