-
Dot.com Bubble Bursts/Crashes
A stock-market bubble created from an excessive speculation of internet-related companies in the late 1990's when the internet was new. The crash caused investors to lose trillions of dollars. -
9/11 Terrorist Attacks
Terrorist attacks on the Twin Towers and Pentagon caused real GDP to decrease 0.5% and unemployment increased by 0.11%. Global stock markets also dropped dramatically. -
Stock Market Downturn
The Dow Jones Industrial Average, an average of 30 large companies on the New York Stock Exchange, fell by 80%, losing over $7 trillion. -
War with Iraq
Oil prices sharply increased and total U.S. GDP income was reduced by $274 trillion. The long-term cost of the U.S. and Iraq war has been estimated to be about $1.922 trillion for the U.S. -
GDP Grew 4.4%
The services-producing sector led the economic expansion in 2004, as 7 out of 10 services-producing industry groups contributed to faster growth in real GDP. Information-communications-technology-(ICT)-producing industries also increased 14.7 percent in 2004. -
Hurricane Katrina and Rita
This disaster caused more than $100 billion in damages, and impacted up to 19% of the total U.S. oil production. Economic losses related to hurricane Katrina have been estimated at over $125 billion, because hundreds of businesses went under. -
The Great Recession
This recession was the product of the U.S. housing market crashing and the global financial crisis. The U.S. GDP declined 2.8% and unemployment reached all time highs. -
Unemployment Hits 10%
Months after The Great Recession, the economy started to grow, however unemployment reached an even higher level at 10.6%, and 15.4 million people were unemployed in 2009.