This created an environment of uncertainty leading into the final year of the decade. The stock market crash of October 1987, known as Black Monday, created significant panic and erased substantial market value.
Black Monday 1987: How the Market Crash Fueled Recession Fears
Impact and Indicators During this recession, the unemployment rate soared to approximately 10. Many analysts point to 1987 as a critical year, although the definition of a "recession" that year is subject to debate.
Year GDP Growth Unemployment Rate Economic Condition 1980 -0. Moderate growth in the first half of the decade masked underlying vulnerabilities in specific sectors.
How Black Monday 1987 Triggered Fears of a Major Recession
7% Deep recession 1982 -2. To combat the persistent double-digit inflation of the late 1970s, Chairman Paul Volcker raised the federal funds rate to historic highs, reaching nearly 20% in 1981.
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