Declines in Jobs vs. Past Recessions
The Decline from Peak Employment Now Exceeds the Past Five Recessions. (Source.)
Unemployment in the U.S. surpassed 9 percent in May 2009 for the first time in more than 25 years, according to the median of 59 estimates in a Bloomberg News survey. (Source.)
Adding to the crisis will be GM’s bankruptcy, on top of Chrysler’s. For each GM or Chrysler worker laid off about 10-20 jobs disappear among suppliers, dealers, and related firms. In total it will disrupt hundreds of thousands of families. Unemployment will sink another percent or so.
Remember how Britain’s industry once led the world and then one day no longer did? It’s happened again, just this time in America. (Source.)