The chart below, from Calculated Risk, shows the percentage decline in jobs from peak employment in all the recessions since World War 2.
We still haven’t quite eclipsed the 1948 drop, but we likely will in another month or two. And that will leave only the Great Depression to make us feel better about ourselves.
The good news in the chart, such as it is, is that employment can recover quickly once it finally turns. Anyone care to place a bet as to when that will be?
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