Excellent analysis of the 'recession' and recovery over on QandO blog - scroll down to Unemployment Rate or read here:
Today the Unemployment Rate has been lowered to 6.0%, providing a good excuse to review a little rate history.The unemployment rate has been cited as evidence that Bush's economic policies are hurting the economy. Fine, let's take a look at our current performance, relative to other post-recession periods.
(unless otherwise linked, all data is from the Bureau of Labor Statistics)Today...
* The recession ended in November 2001.
* Unemployment reached a one-month high of 6.4%, while more generally staying in the 5.8-6.2% range.
* Amount of time between the end of the recession and the date at which the unemployment rate declined to 6.0% - 23 months.1990-91 recession...
* The recession ended in March 1991.
* Unemployment reached a one-month high of 7.8%, while more generally staying in the 6.8-7.4% range.
* Amount of time between the end of the recession and the date at which the unemployment rate declined to 6.0% - 41 months.1981-82 recession....
* The recession ended in November 1982
* Unemployment reached a two-month high of 10.8%, but ranged widely from 7-10%.
* Amount of time between the end of the recession and the date at which the unemployment rate declined to 6.0% - 57 months.
Now, compare our previous post-recessionary periods with our current post-recessionary period and try to figure out why this unemployment rate is being called unusually bad.Oh. Right. Elections.
My bad.
Heh...
Posted by DaveH at November 7, 2003 4:45 PM