Saturday, January 30, 2010

Summers: "Statistical recovery and a human recession"

by Bill McBride on 1/30/2010 02:16:00 PM

Quote of the day ...

""What we see in the United States and some other economies is a statistical recovery and a human recession."
Larry Summers, Davos, Jan 30, 2010 (via CNBC)

Percent Job Losses During Recessions Click on graph for larger image in new winder.

This graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost).

The current employment recession is the worst since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early '80s recession with a peak of 10.8 percent was worse).

And the graph is before the annual benchmark revision that will be announced next Friday, and is expected to show the loss of an additional 824,000 jobs.