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Wednesday, September 26, 2012

Comparing Recessions

Here are a few graphs that I thought were pretty interesting from blog of the 'Oregon Office of Economic Analysis':

This one compares job loss to all other economic downturns since WWII:
Obviously the current recession is much worse than any other recession since WWII.

However, when you compare our current situation to some other international periods, it doesn't look so bad:
The alarming part is the shallow recovery path we are on. Although we did not bottom out as low as the Great Depression or other economic downturns, our recovery is going much slower and, in fact, is on track to last as long as the Great Depression. Rather than a very steep recovery, we are tracking much more similar to the 1990s recessions of Finland and Sweden.

But here again, the situation does not seem as dire compared to other crises. Unemployment "only" topped out at around 10%:

So forget all the political talk.

In terms of unemployment numbers:
Yes, it was much worse that we thought and recovery is a lot slower than expected.
No, it was not as bad as the Great Depression or other economic crises around the world.
Yes, we are on the way to recovery.

Don't you just love facts?
(Especially ones that laid out in easy-to-read charts)

(Oregon Office of Economic Analysis via Wonk Wire)

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