Not Yet Worse Than 1982

[Joanne98]

The job losses in the current recession have been more severe than in any other downturn in at least 50 years, including the harsh early 1980s recession. But the job market is still not as bad as it was then.

How? The economy entered this recession in better condition than it entered the early 1980s downturn.

A few months ago, I worked with economists at the Bureau of Labor Statistics to construct a broad measure of job-market distress that went back decades. The bureau has such a measure, but the official version goes back only to the early 1990s. It counts not only the officially unemployed — those out of work and actively looking for a job — but also people working part time who want full-time work and people who describe themselves as too discouraged to look for work. With help from bureau economists, I built a similar measure going back to 1970.

Here’s what it looks like:
http://economix.blogs.nytimes.com/2009/06/05/not-yet-worse-than-1982/

[Zynx]

1. What is worse is the decline in aggregate weekly hours.

However, that is not yet worse than the 1973-75 downturn and probably isn't as bad as the 1957-58 downturn if the data went back that far.

[kickysnana]

2. What is worse is that the safety net is continuing to be ripped to shreds as we type.

Also in 1982 two incomes was an option not a necessity. Most Seniors were well enough off to help family out until things got better.

The 1980's the uber rich started to pull the money out of the middle class starting with blue collar with the help of the noveau riche. We are now finishing off the noveau riche, lower and middle upper classes.

There is no indication that things will get better any time soon.

[clarence swinney]

3. 1981-1983

unemployment hit 10.8%

I will take it over current Depression.

We knew the Cause of it.

We knew how long it would last.

VERY TIGHT MONEY BY VOLCKER AND FED WAS THE O N L Y CAUSE.

Prime Pump and gone away.

Now we face many different causes/results.

Jobs lost may not return.

Manufacturing to Paper Shuffling-Service each other Economy.

Buy it from overseas labor.

Tough road for years.

jobs jobs jobs jobs

[Hawkowl]

4. Nice summary

Your post is like a free form poem! I think it is a very good summary of our economic problems.

[roamer65]

5. By the end of the year, this recession will be worse than 1980-1982 double-dip.

...and if one figures in how the unemployment rate calculations have been manipulated since 1982, I think they would find that this truly is the The Great Recession.

[leftofthedial]

6. "yet"

but the jobs now suck and most do not pay a living wage.

[wuvuj]

7. Is it a depression...or is it memorex?

http://www.voxeu.org/index.php?q=node/3421&ref=patrick.net


New findings:

* World industrial production continues to track closely the 1930s fall, with no clear signs of ‘green shoots’.

* World stock markets have rebounded a bit since March, and world trade has stabilised, but these are still following paths far below the ones they followed in the Great Depression.

* There are new charts for individual nations’ industrial output. The big-4 EU nations divide north-south; today’s German and British industrial output are closely tracking their rate of fall in the 1930s, while Italy and France are doing much worse.

* The North Americans (US & Canada) continue to see their industrial output fall approximately in line with what happened in the 1929 crisis, with no clear signs of a turn around.

* Japan’s industrial output in February was 25 percentage points lower than at the equivalent stage in the Great Depression. There was however a sharp rebound in March.