Direct download here (pdf 194.9kb).
Notes:
Notes:
- Highest rate of unemployment since September 1992, which was also 7.6%.
- The last unemployment peak was 7.8% in June 1992.
- The last time unemployment reached 8.0% was January 1984.
- The postwar unemployment peak was 10.8% in November and December 1982.
- Unemployment has increased from 4.9% in January 2008 to 7.6% in January 2009. That's a 250 basis point year-on-year increase. The last time that happened was between October 1981 and October 1982, when unemployment increased from 7.9% to 10.4% - 250 basis points. It should be noted that such a movement in the unemployment rate over a 12 month period is more damaging if the original level was low. This means that the current increase is more damaging than the 1981-82 increase. Source.
- A 390 basis point increase occurred between May 1974 (5.1%) and May 1975 (9.0%).
- Reuters says that the 598,000 increase is the worst in 34 years (1975).
2 comments:
There's also the problem that these people being laid off are finding it increasingly difficult to get another job:
http://money.cnn.com/2009/02/05/news/economy/jobs_outlook/index.htm?postversion=2009020608
I feel so bad for them. Most of these people have worked at their jobs for many years.
I have been on both the hiring and firing end of this cycle as an employer. Two years ago, I was trying to fill three positions. Six of eight candidates rejected my offer because I refused to meet their ridiculously high salary counter offers.
Now that the labor market is in surplus, how many of them would accept my offer at a lower salary than I originally offered?
I am not confident that Pres. Obama, the Congress and the media are able or willing to accept the fact that when a market is in surplus, prices must go down to clear it.
If Congress were to ease payroll taxes and other barriers like too high minimum wage laws, it would help a great deal to put more folks back to work, particularly those with the fewest options.
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