Employment decline compared to Depression

The March payroll employment data showed that the decline in employment from the peak in December 2007 is now larger in percentage terms than the decline in the worst recession since 1960, in 1981-82. The plot below shows, however, that the decline is small in comparison to the Depression. The government did not collect monthly employment data during the Depression, so we have fitted a smooth curve through the annual data. The peak before the Depression was in August 1929, according to the NBER.

emp309.jpg?w=450&h=296


Originally published at Woodward & Hall weblog and reproduced here with the author’s permission.

One Response to "Employment decline compared to Depression"

  1. Guest   April 7, 2009 at 9:29 am

    It is time to seriously consider moving from the monetary system to a new one.The eternal growing debt is to be considered. You should be working in the bases for a new world trading system, instead of putting so much effort on the already proved uneven and far from reality system. Please stop justifying this “flat earth” system and face the roundness of the real world, made of real people with real needs.It is time to build a real economic system, far from the “air money” that sustains the present one. Please.