Comparing Recessions
This chart from Time/CNN’s blog “Curious Capitalist” shows job losses for recessions dating back to 1974. You have to look carefully, but the light blue line is our current recession, dated as starting Dec. ‘07. We are approaching the percent job loss seen in the early 80s.
The other interesting line shows what happened in our most previous recession. This one was characterized as a “jobless recovery” – business was able to meet renewed demand for their products without having to hire back everyone who had been laid off in 2001. Employment eventually regained its 2001 level, only through robust economic growth. I predict a similar slow rebound in employment now, once we hit bottom.
I teach principles of economics courses and a course in the economics of healthcare at Southern Oregon University.