Let's assume that Paul Krugman is correct in his thought that the unemployment rate, the U-3 rate, will go into the double-digits in 2009.
That has only happened once since the end of the Great Depression, in the Reagan Recession of 1982-1984. Unemployment was above 10% from September. 1983 to June, 1984. Peak unemployment was 10.8%.
I am presuming from the way that Krugman wrote, that he is foreseeing a rate that is significantly higher than just 10.1%.
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Thursday, December 4, 2008
3 comments:
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... he is foreseeing a rate that is significantly higher than just 10.1%.
ReplyDeleteI'd have to agree. Worrisome ...
I'm worried. The industry that I work for is dependent on home building. We're going to lose staff next year. I've been told it's not me, but that doesn't make me worry any less.
ReplyDeleteWhat's happening to the economy is identical to global warming in the sense that it's the fast rate they both are failing.
ReplyDeleteHow many businesses throw in the towel after the first of the year will tell a lot.