Saturday, July 17, 2010

Every indicator

More bad news: foreclosures, unemployment, you name it.

It's starting to stack up on us. Earlier layers include the big news - recession since 2008 - and the barely made the news - real income spiral-down over the last few decades.

Back to that recession thing, and Rasmus, he points out: this recession is impressively worse by every economic indicator than every preceding recession this century - but not at depression -- yet.

Until now, recession meant GDP declined 2-4 percent for a couple quarters. This time it's 5-15%. Depressions have been much worse, but we could get there.

Until now, recession meant 10 percent unemployment or less. This time we hit 17%, including a million job losses per month from Nov. 08 to May 09. It's complicated by the fact that the government keeps changing how it calculates unemployment, but controlling for that, it seems clear that we are looking at much worse unemployment now than previous recessions. Depressions have been over 20%. And as public employers continue slashing deep, we could move that way.

Industrial production, exports, and stock markets, all worse than previous recessions. But not hitting levels we had in depressions -- yet. If you want a jolt, read this book.

13 comments:

盈廖生家秀蔡 said...

來看你囉~加油~~!!............................................................

青卉 said...

Failure is the mother of success...................................................

琬安琬安 said...

Practice what you preach.............................................................

劉佳仲 said...

Judge not of men and things at first sight................................................

嘉王偉 said...

Learning makes life sweet.

建依萍彰 said...

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翔馨陳陳翔馨陳陳 said...

嗯~蠻不錯耶~~我喜歡 ∩ 3∩............................................................

宜明文潔 said...

Make hay while the sun shines...................................................

x于珊姚于珊姚于珊 said...

原來這世上能跟你共同領略一個笑話的人竟如此難得......................................................................

琬群學葉安高 said...

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你好勁呀! 感謝!!!..................................................................

璇陳陳陳竹 said...

很棒的分享~希望不會打擾您..................................................................

洪勳劉耀德劉耀德華 said...

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