Lessons from 2008 and 2020

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Policy Responses and Outcomes to Great Recession and Pandemic

By Blu Putnam, Chief Economist ,CME Group

Lessons from 2008 and 2020

  • ​​​​​​Great Recession began September 2008, equities recovery started in March 2009.
  • Real GDP reached pre-recession peak in Q1 2011, jobs fully recovered in May 2014.
  • Pandemic hit U.S. equities in late February, market recovery began one month later.
  • Real GDP on track to reach or exceed pre-pandemic peak by Q2 2021.
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How Jobs Lagged GDP in 2008 and 2020

  • ​​​​​​The Pandemic of 2020 and the Great Recession of 2008 had different causes.
  • They offer a learning experience on how economies react to different policies.
  • Equities rebounded rapidly in both cases due to Fed quantitative easing.
  • Real GDP recovered faster from the pandemic due to massive fiscal stimulus.
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