TIMELINES OF THE GREAT DEPRESSION
1920s: "Technological unemployment" enters the nation's vocabulary; as many as 200,000 workers a year are replaced by automatic or semi-automatic machinery.
1928: The construction boom is over.
One year later: Stock market crash begins October 24. Investors call October 29 "Black Tuesday."
Two years later: The unemployment rate climbs from 3.2 to 8.7 percent.
Three years later: ...unemployment rises to 15.9 percent.
Four years later: ...unemployment rises to 23.6 percent.
Five years later: Unemployment rises slightly, to 24.9 percent.
Our Timeline
2000s: As seen here, "Business Week estimates that 1 percent productivity improvement can eliminate up to 1.3 million jobs."
2007: The construction boom is over.
One year later: Stock market crash begins October 2. Investors call it "Panic of 2008."
Two years later: The unemployment rate climbs from 4.4 percent to 9.7 percent (March of 2007 to August of 2009).
Three years later: ________?
Four years later: ________?
Five years later: ________?
"Two years later: The unemployment rate climbs from 4.4 percent to 9.7 percent (March of 2007 to August of 2009)."
ReplyDeleteAnd you are quoting U-3 here. If you measured it the way they did in 1931 (which is U-6), you might see 17%.
Idahospud
Idahospud,
ReplyDeleteGood grief. Using U-6 makes the doom and gloom SO much worse. Sigh.