Friday’s U.S. unemployment report, showing employers nationwide added only a net 18,000 in June, was a sobering moment for optimists looking for an economic recovery, but sometimes a picture says it better than words.
Our friends at Calculated Risk have been compiling a monthly report comparing job losses in this latest recession and recovery with 10 other downturns dating back to 1948. The chart pretty much tells the whole story on where we are now. Business Insider has dubbed it “The Scariest Jobs Chart Ever.”
See a larger version of the chart HERE.
Here’s how the numbers stack up, according to the U.S. Bureau of Labor Statistics:
- December 2007, the U.S. recession officially begins: 7.6 million people out of work, unemployment rate 5%
- June 2009, recession officially over: 14.8 million laid off, unemployment rate 9.5%.
- May 2011, 23 months after recession ends: 14.1 million people unemployed, unemployment rate 9.2%.
The only bright spot was that the unemployment rate in the 1980 recession was the highest in a downturn at 10.8%. This recession peaked out at 10.1% in October 2009.
See Calculated Risk’s take on the May unemployment report HERE.
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