Though the recession was mild relative to other post-war recessions, it was characterized by a sluggish employment recovery, most commonly referred to as a jobless recovery.
On Monday, October 19, 1987, The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1,738.74 (22.61%).
The immediate cause of the recession was a loss of consumer and business confidence as a result of the 1990 oil price shock, coupled with an already weak economy.
Prior to the onset of the early 1990s recession, the nation enjoyed robust job growth and a declining unemployment rate. The Labor Department estimates that as a result of the recession, the economy shed 1.623 million jobs or 1.3% of non-farm payrolls. The bulk of these losses were in construction and manufacturing. (via Wikipedia)
The 1980s were a decade of worldwide advancement: smaller government, individualism, open markets and peace.
Those days are long gone. The electorate increasingly opposes free trade, free speech and capitalism. American exceptionalism is passé; it’s the good of the nation we now must serve.
This authentic 1988 Newsweek magazine features cover art by Gary Larson and ships with a slightly scratched CD copy of Jane’s Addition’s Ritual De Lo Habitual.