Okay, now job losses are a LOT worse than 1981-1982

By Justin Fox | April 3, 2009 | +

Here, updated with this morning’s non-farm payroll data from the Bureau of Labor Statistics, is the latest edition of my comparing-the-recessions chart:

jobloss32009

Update: Now I’ve got a piece up on TIME.com about the employment data.

Update 2: Here’s a new version of my Great Recession vs. Great Depression job loss chart.

Related Topics: Economy & Policy

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bryanfromhouston

I liked your Mr. Sunshine piece in any event, but let’s just face it.
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Nouriel was, is and seem likely to continue to be right on all counts.
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bryanfromhouston

As an aside, we still have a bad assets problem that is at the crux of the matter that nobody really wants to talk about or deal with.
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Why? We know how this story ends from Japan’s experiences of its lost decade. It is the economic situation most akin to the global one today, and yet, people, Congress, our President and many other countries refuse to act. I’m not sure I get the why?
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http://www.rgemonitor.com/financemarkets-monitor/256242/president_obama_must_squarely_face_the_bad_asset_problem
Justin Fox

@bryanfromhouston: I don’t think Nouriel would disagree with any of the points in my Mr. Sunshine column. I wasn’t calling a rebound, just saying we already have a lot of bad stuff behind us.
http://finance.yahoo.com/tech-ticker/article/222618/Nouriel-Roubini-Sounds-GASP-Positive-About-Economy!
bryanfromhouston

Jusin.
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I concur. I wasn’t saying that he would beg to differ with your Mr. Sunshine analysis, but I was just pointing out for the CNBC worshippers that a continued overemphasis on the theme of “Happy Days are Here Again!” is probably not warranted. By most measures, Roubini just believes that we are headed a severe U – shaped recession where we are forming the first curve and looking at a sustained bottom (frequently entitled “muddle-through economy” by Jubak).
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Indeed, the figures you present are consistent with growth of less than 1% for all of 2010 and an unemployment rate at greater than 10% that Roubini predicts.
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That still leaves us with the troubled state of banks having bad assets on the books. Speaking of…I heard something on the tube as I was heading out to the office this morning about some change in “Mark-to-Market”….I’m calling Shenanigans!!
tc125231

http://www.salon.com/news/feature/2009/04/03/stiglitz/index.html

Stiglitz is less than heartening. Still think we can afford to subsidize the “equity speculator” class? Especially with the news that the banks plan to buy each other’s bad assets with the government subsidy?
wildkard85

What makes this situation worse is the growing number of fraudulent ‘marketing’ companies. These have grown rampant in Tampa and throughout Florida and from other peoples stories they exist throughout the U.S. as well.

http://wildkard85.wordpress.com
etarini

Can we look forward to seeing this fantastic graphic updated this Friday (May 8)after the employment report? It’s quite compelling!

Thanks in advance!