Essentials of Economics, Fourth Edition, R. Glenn Hubbard & Anthony Patrick O’Brien, Pearson (2015) Standard essay format including introduction, body, and conclusion. Between 2008 and 2009, Canada’s economy entered a recession phase. During the economic recession, Canada’s unemployment rate peaked at 8.3 percent, which was an increase of 2.2 percent over the pre-recession unemployment level, and roughly amounted to 1.52 million unemployed persons. The unemployment rate refers to the proportion of people in the labor force who are currently not working and are either available or looking for employment. An economic recession is a period of time when the overall economy declines.
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