According to a recent WSJ article, MattelRead More
With unemployment data scheduled for a Friday release, it might be helpful to place the numbers in perspective. The Dallas Fed has illustrated the following conclusions through a series of graphs comparing employment trends now to past recessions.
1. The unemployment rate is rising faster than any previous recession since WW II.
2. Showing somewhat of a mirror image of #1, civilian employment is steeply falling.
3. Current unemployment levels are far less than during the Great Depression.
4. While the civilian labor force can grow during a recession, recently, the numbers have fallen.
The Economic LessonRead More
To be defined as a member of the labor force, an individual is:
-16 years old or older
-unemployed and looking for a paying job
Econ talk lecture (January 11, 2010) http://www.econtalk.org/archives/2010/01/belongia_on_the.htmlRead More
Michael Belongia, University of Mississippi economics professor (and past St Louis Fed ecoonmist) interviewed by Russ Roberts
It was a good interview. (a little longer than one hour)
I was most impressed by comments on the Fed