Unemployment and the recession

Here’s a picture of the unemployment levels in the ongoing recession, compared with earlier recessions (unemployment in the U.S. that is):

The picture is from William Polley’s blog. In the article he has another, busier, graph with all post-war recessions included. It’s an interesting read throughout.

While the numbers look similar to those of the 81-82 recession, that does not imply that history will repeat itself. Indeed, there appears to be substantial disagreement about where we are, and why. But it’s good to see some solid numbers.

For more of the same, see Justin Fox.

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HT: Greg Mankiw
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