Picturing Unemployment, May 2009

 

In May, the U.S. unemployment rate spiked by another half percentage point.  Since the recession started in December 2007, the unemployment rate has risen by 4.5 points (correction: earlier post said 4.4). The only episode with recessionary change this big was the 4.5 point increase during the double 1980-82 recessions. This spike in unemployment has been recorded over 17 months, exactly half the time, and number of recessions, needed to cause as much damage then. 

We are experiencing the deepest and swiftest recession in the U.S. since the Great Depression of the 1930s. It is definitive.

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Tim: As I wrote on my blog, Truth on the Market, I think Tyler is pretty far off base with this one. See http://www.truthonthemarket.com/2009/04/28/what-does-tyler-know-about-law-and-economics-anyway/

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