Thursday, February 9, 2012

A Reminder of How Deep This Job Losses Hole Was (and Still Is)

Source: Bureau of Labor Statistics.

In the Great Recession of 2007 and the years following, the United States has lost more jobs than in any other recession in the last 70 years — and jobs have been slower to return.

(Horizontal axis shows months. Vertical axis shows the ratio of that month’s nonfarm payrolls to the nonfarm payrolls at the start of recession. Note: Because employment is a lagging indicator, the dates for these employment trends are not exactly synchronized with National Bureau of Economic Research’s official business cycle dates.)