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Updated: U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression

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  • Adjusting for demographic factors, current labor market downturn steeper than '82-'83 recession.
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  • The Horror Show
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Center for Economic and Policy Research (CEPR)

As the nation contends with a long and sustained labor market recession, a new study from the Center for Economic and Policy Research demonstrates that the current unemployment rate is higher than the conventional measure shows.

"An unemployment rate that has hovered above 9 percent for several months is striking, but the jobs picture is even worse than it looks," said report author and CEPR Economist David Rosnick.
The study, “The Adult Recession: Age-Adjusted Unemployment at Post-War Highs,” <http://www.cepr.net/index.php/publications/reports/the-adult-recession> adjusts the current unemployment rate to account for demographic differences and finds that the unemployment rate has not fallen below 10.8 percent in the last 12 months. During the worst episode of the recession of the 1980s -- the second half of 1982 and the first half of 1983 -- unemployment passed 10 percent for 7 months.

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Related:

The Horror Show, Bob Herbert, New York Times | NY

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  • Long-Term Economic Pain
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The jobs emergency, Robert Reich, Robert Reich

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  • Predictably, Washington's latest rescue effort falls woefully short
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  • U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression
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  • An aid package to the states to prevent layoffs was funded by cutting the federal food stamp program.
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