Friday, July 3, 2009

Unemployment Hits 9.5%

Below is a chart from Calculated Risk indicating percentages of job losses in Post WWII Recessions. Bad news.

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The chart below shows numbers used for the recent "Bank Stress Tests," which were supposed to measure the "health" of the nation's largest banks. The actual numbers have already exceeded the "Worst Case Scenario" numbers. There will be more pain for the zombie banks: with rising unemployment will come more job losses and foreclosures, in addition to defaults on credit cards, auto loans, and additional bankruptcies.

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Nobel Prize-Winning Economist Paul Krugman is calling on the Obama administration provide even more stimulus, so the nation doesn't fall into a repeat of the 1930's--so the nation doesn't move from the Great Recession to the Great Depression.

Related Reading:
Jobless Rate Hits 9.5%, Deflating Recovery Hopes - NYT
Unemployment Graphs & Analysis - CR
That 30's Show - Paul Krugman
Charlottesville MSA Unemployment Nearly Doubles in 1 Year

1 comment:

Charles McDonald said...

It would be interesting to know what the unemployment was in the Charlottesville area during past recessions and even during the great depression.