Monday, 23 March 2009

Unemployment during the Great Depression

Unemployment during the Great Depression:

1929 -- 3.2%
1930 -- 8.7%
1931 -- 15.9%
1932 -- 23.6%
1933 -- 24.9% peak
1934 -- 21.7%
1935 -- 20.1%
1936 -- 16.9%
1937 -- 14.3%
1938 -- 19.0%
1939 -- 17.2%

[[MORE]]On an apples-to-apples basis, we're at about 19% now according to SGS, with no sign of a slow-down in the unemployment rate, much less a reversal. So we're already worse than 1931.

Based on the current rate of change, I'm guessing U-6 might peak at or above 20% -- that's 24% on the Great Depression scale above and around 13% on the more widely-reported U-3.

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