Posts Tagged ‘capacity utilization’

Turn on the news

6 November 2009

This morning brings the news that unemployment has reached double digits for the first time since 1983, rising from 9.8% to 10.2%.  And the U.S. economy has had a net loss of jobs for 22 straight months, the longest on record, dating back 70 years (to, yes, the end of the Great Depression).  There are 15.7 million unemployed, including a record 5.6 million who have been unemployed for six months or more. Since the recession officially began in December 2007, the number of unemployed has more than doubled, by 8.2 million.

The U-6 unemployment rate – which also counts discouraged and marginally attached job-seekers and involuntary part-timers – is now at an alarming 17.5%.  That’s the highest in the fifteen years that the government has been keeping track of that alternative measure.

(more…)

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Another sign that we’re in a depression

16 March 2009

great_depression_2008Industrial capacity utilization is at its lowest level since 1982 (when we had double-digit unemployment), and down 11% from a year ago (when we were already in a recession).

Calculated Risk has the story; data are from the Federal Reserve.