Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.

There are lots of different measures of unemployment.  One of the best and most consistent is the civilian employment-population ratio, which shows the percentage of the workforce currently employed.  The series below, from the St. Louis Fed, shows this measure for the past 60 years and it highlights just how bad our current recession is.  Here’s the drop in the ratio in past recessions, measured in percentage points from peak to trough:

• 1948 — 2.2%
• 1953 — 3.1%
• 1958 — 2.5%
• 1960 — 1.4%
• 1969 — 1.9%
• 1974 — 2.4%
• 1979 — 3.0%
• 1990 — 2.0%
• 2000 — 2.7%

The worst recession of the past half century, the 1980-82 double dip, produced a drop of only 3.0 percentage points.  I don’t think anybody has ever used the modifier “only” to describe that recession before, but it fits now: the current recession has produced a drop of 4.6 percentage points so far.  That’s double the postwar average.  The drop from the previous peak in 2000 is 5.9 percentage points.  So far.  The job scene is simply devastating right now.  More from Andrew Samwick here and Brad DeLong here.

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you'll agree is worth supporting.

payment methods

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you’ll agree is worth supporting.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate