Job losses in current recession dwarf earlier recessions
Here’s a scary chart from The Gavel blog by U.S. House Speaker Nancy Pelosi. The green line represents job losses in the current recession. The red and blue lines show job losses in recessions in 2001 and 1990, respectively.
This chart compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession – showing how dramatic and unprecedented the job loss over the last 13 months has been. Over the last 13 months, our economy has lost a total of 3.6 million jobs – and continuing job losses in the next few months are predicted.
By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.
Don Mecoy
Business Writer
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