10 February 2009

I'm still not an economist

But this is interesting, and perhaps a better bit of perspective than my previous post had. See Calculated Risk for an in-depth explanation.

The difference is that the jobs lost are expressed in a percentage basis rather than in absolute magnitude of number of jobs lost, which can be misleading in a growing nation. Upshot seems to be that this looks like it may be as bad as 1981-2 in terms of jobs, but not as bad as the recessions of the '40s and '50s. Downside there, it seems like the more recent recessions take longer to fully recover the lost jobs.

Update: kudos to Peter at Medical Pastiche for the reference!

1 comment:

chuckr44 said...

Why didn't the graph show the Great Depression of the 1930's where unemployment peaked at 25%?