Every so often you witness a change in the dynamics of a system that is so breathtaking you can't help but feel fortunate to witness it.
Perhaps this is an exception.
Data available from the Bureau of Labour Statistics over the past ten years can be used to show the dramatic change in the employment picture over the past two years, showing just how much worse the current recession is than the post-2000 recession.
It's like entering a whole new world. By comparison the recession to 2004 was like Disneyland.
Two points that are nearly juxtaposed are July 2002 and July 2008. In the first case, we were nearly at the worst part of the recession, but six years later we were only just starting.
Unfortunately for the US, it looks like an area of Lyapunov stability occupied from 2002 to early 2008, rather than representing the height of unemployment now looks like the new low. And the cluster of points we see since April 2010 may be the beginning of a new LSA. We may be here for awhile.
And we're still waiting for those low interest rates to reduce unemployment.
Perhaps this is an exception.
Data available from the Bureau of Labour Statistics over the past ten years can be used to show the dramatic change in the employment picture over the past two years, showing just how much worse the current recession is than the post-2000 recession.
It's like entering a whole new world. By comparison the recession to 2004 was like Disneyland.
Two points that are nearly juxtaposed are July 2002 and July 2008. In the first case, we were nearly at the worst part of the recession, but six years later we were only just starting.
Unfortunately for the US, it looks like an area of Lyapunov stability occupied from 2002 to early 2008, rather than representing the height of unemployment now looks like the new low. And the cluster of points we see since April 2010 may be the beginning of a new LSA. We may be here for awhile.
And we're still waiting for those low interest rates to reduce unemployment.
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