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Sunday, March 08, 2009


depression employment curve

via mark thoma -- susan woodward's blog of the financial crisis smooths annual unemployment data from the depression to create a comparative curve.

sampling differences and other caveats apply, but interesting to me is the slope of the curve. the deterioration in employment is very rapid and still picking up steam. as can be seen at calculated risk, the overall degree of deterioration is greater than any recession since the 1950s, when the united states was a much more manufacturing-intensive country. this combination of early depth and gathering pace ensures that unemployment will become a more severe problem in this depression than at any period since the 1930s.

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