The early 2000s recession was a major decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001. The United Kingdom, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, began to recover from it. Japan's 1990s recession continued. A combination of the Dot-com bubble collapse and the September 11 attacks lengthened and worsened the recession. March 2001 – November 2001 · 8 months Peak unemployment: 6.3% (June 2003) · GDP: −0.3% S&P 500: −8.1% over the recession The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks, brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link