Energy crisis leads to mild employment slowdown, impacting specific industries.
The energy crisis from November 1973 to March 1974 caused a slowdown in employment. Gas stations and car manufacturing were hit the hardest. Most unemployed workers were not primary breadwinners and had lost their jobs, not left voluntarily. The energy shortage was the main reason for the increase in unemployment. The employment decline during this crisis was smaller than in other slowdowns. The recovery after the oil embargo was slower than expected, suggesting the economy was already slowing down before the crisis.