Friday, April 2, 2010

A truly scary graph

This shows the impact of the Great Recession on job loss and compares the losses to other post-WWII recessions.  The source is the Calculated Risk blog.  Click on the graphic to enlarge it.
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9 comments:

  1. Chloe ReevesApril 2, 2010 at 7:49 AM

    Wow, that is a scary graph. At least it looks to be on the upswing... hopefully in time for graduation.

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  2. Noah OesterleApril 2, 2010 at 12:42 PM

    This is not as shocking to me as it could be for a few reasons.

    1) I notice the next closest dip occurred in 1974. This is probably a result of the Arab oil embargo from 1973 and the resulting energy crisis. Once again we are in a situation where energy prices are at an all time high.

    2) I think specifically of manufacturing jobs, such as those in the dying auto industry. Many of those types of factory jobs across the country are being outsourced or lost altogether as we speak.

    For me, I am interesting in trying to guess how much of this job loss would have occurred had there not been a recession. Even if the economy had been stable, I feel like we would be having issues with unemployment anyway. Obviously not to this ridiculous degree, but all I am saying is that I am not sure this is as scary as it looks because of other outlying factors.

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  3. tcmtApril 2, 2010 at 4:14 PM

    Yikes, glad I'm going to graduate school :/. There seems to be a trend here though. The three most recent recessions are also the three slowest in regaining maximum employment. Makes me think maybe Noah is on to something.

    --Tommy Turner

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  4. Ashlee SteudleApril 2, 2010 at 4:34 PM

    I agree with Tommy, I am so glad that I am going to grad school and don't have to start my job search yet...This economic crisis is really making our generation (which already has to deal with more competition and greater expectations of education/skill sets) have to deal with some new and widespread challenges (e.g., starting families later, having greater difficulty getting loans for housing, school, or entrepreneurship, etc.).

    On a separate note, I wonder if the recent surge in corporate greed/ fraud contribute to the excessive unemployment numbers compared to previous recessions.

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  5. JMalyApril 2, 2010 at 6:23 PM

    I seem to take a different look at all of this and see it as an opportunity for young professionals. From my experience with recent interviews, companies are looking for younger employees whom they can pay less and who are able and willing to adapt to the new way of doing business rather than those who have recently been laid off and would come in with their own set ideas of how things should be done, like what they did at their previous jobs.

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  6. KelseyApril 3, 2010 at 11:07 AM

    I agree that is is an opportunity for younger professionals. The job market does pay a lot less than it used to, but it is still a starting place for younger professionals looking to start their careers. I think our generation has shown great adaptability and I think that we are so willing and eager for a job that we will take about anything. However, we are going to have to be careful when we get older because these companies are still going to look to replace us for people that will do the same job for less!

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  7. Jared AndrzejewskiApril 3, 2010 at 6:05 PM

    This graph is indeed very scary looking for the first onset but I do not think that it is as bad as it may seem. After all of the declines in job loss they all do turn around and start to improve. So there is some hope. I think that even though this recession was the worst and has the steepest drop off, over time it will rise and there will start to be more jobs. The thing is though that it will probably take a lot longer because of the steep decline.

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  8. Ryan BizzisApril 6, 2010 at 8:05 AM

    This is indeed a scary graph especially for all of us seniors who are looking for jobs if not attending graduate school. Examining the 2001 line I remembered how quickly we recovered as a result of the housing industry. Obviously that led to the bubble and the financial crisis. Perhaps if we could do the same with another industry such as green power/ technology we could trigger the recovery. News such as the ambitious wind turbine plans for Grand Haven may be a sign that this is already occuring. Plus an industry such as that will never see a bubble because of the ever increasing demand for cheap and clean power.

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  9. Adam ManixApril 6, 2010 at 2:23 PM

    I agree with Ryan in that this will cause other industries to develop and create new jobs. There are already many initiatives by companies that specialize in natural resource production to purchase old factories, and aim to clean up the environment. The money obtained from the scrap metal material is being used to research green energy technology. This demand for green energy jobs hopefully will create more jobs.

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