CHART OF THE DAY: Why The Jobs Recovery is Different This Time

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You’ve known for a long time that that unlike in past recoveries, this “recovery” has been extraordinarily jobless.

One reason that’s often cited: The lack of construction employment.

This chart from Calculated Risk tells it nicely. Unemployment is nicely correlated historically with new home sales, and new home sales (as we learned once again this morning) are totally stalled out.

chart of the day, single family housing starts and the unemployment rate, sep 2011

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