I have been expecting to see the rise in unemployment claims to reach a peak, but that has not yet occurred. Things look pretty grim according to this chart, but if you compare claims to the total number of people working, we are about 30% below the levels seen at the peaks of the 1975, 1980, and 1981-2 recessions. This is turning into a painful recession, but it's still far from being the worst.
Thursday, February 26, 2009
Unemployment claims still rising
I have been expecting to see the rise in unemployment claims to reach a peak, but that has not yet occurred. Things look pretty grim according to this chart, but if you compare claims to the total number of people working, we are about 30% below the levels seen at the peaks of the 1975, 1980, and 1981-2 recessions. This is turning into a painful recession, but it's still far from being the worst.
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