Data and comparison to previous post war recessions

First of all, that's change in employment. Recessions are much more than that.

Second of all, soldiers are considered employed. When they were discharged after WWII and the Korean War, unemployment spiked.

It compares output and employment changes during the present recession with the same data for the 10 previous recessions that have occurred since 1946.

Output is gross domestic product adjusted for inflation as calculated by the Bureau of Economic Analysis.

petrfitz,

steve is exactly right regarding the impact of soldiers on employment figures. but there is a larger point. notice that in the averages of all the other recessions employment losses were slowing by this point in the recession. in this recession they are accelerating. believe me, i am not hoping for a deep recession or a depression. but we have absolutely no idea how bad this is going to get, and that chart should not make us sanguine.

petrfitz, although the recession "technically" began a year ago (when output was still increasing so I don't know why they declared the start then), the consensus is that the 4th quarter will be the one to show the greatest decline, and those figures aren't out yet. Output will likely continue to decline in the 1st and 2nd quarters, as well, and may recover by the 3rd quarter.

Yet again you pick your start and stop dates, declare victory, and walk away. Read the link - it says we're not through the current recession yet, and we have no idea how long or deep it will be.

Interesting link, has anyone thought about the impact of government stimulus to the output line? The government was involved early and often during this recession and this could muddy the comparison.

Interestingly, CalculatedRisk put up a chart on manufacturing capacity today, from the Fed. The chart had the current recession shaded in, and the shaded portion already included all of 2009.

Exports, for a number of reasons, had been quite strong, as had non-residential construction (projects started in better times and being completed). Both are tanking.

steve, the purported definition of a recession being contracting GDP is inaccurate. They just generally go together from the onset.

"The charts are interesting - despite all the doom and gloomer naysayers on this board, this recession is actually quite mild in comparison to others. Not that I believe that our economy is not totally screwed up."

Wow, rationalization time already...

Its ALREADY the longest recession in over 25 years. And we JUST saw a peak in lost payrolls. Meaning its still going...

mr out of work genius states: "Its ALREADY the longest recession in over 25 years"

instead of doom and gloom interpretation, that statement could also be viewed as we may be nearing the bottom as we have already surpassed the length of time of all other recessions..

Granted - we have never before had our economy as royally screwed as Bush and the Republicans managed but sometimes you got to look at the bright side of life.

"the purported definition of a recession being contracting GDP is inaccurate."

No. The standard definition of a recession is two quarters of negative growth in a row.

Life's a piece of shit, when you think of it .... always look on the bright side of life...

steve, sorry, not correct. that's what is always floated, and what many people quote, but not correct.

"mr out of work genius states: "Its ALREADY the longest recession in over 25 years"

instead of doom and gloom interpretation, that statement could also be viewed as we may be nearing the bottom as we have already surpassed the length of time of all other recessions.."

Wow, really, really dumb rationalization #2.

Its SO bad that HAS to mean its getting better...

Oh my lord, no wonder why this guy is such a bad investor.

nyc10022/eddiewilson - did your unemployment run out? is that why you are so bitter?

*I'm* the bitter one?

Sorry, but this is a little bit of glee...