I know the recession is not developing the same way everywhere, but I still thought this scary graph requires more publicity (hat-tip: Free Exchange).
It’s from the Calculated Risk blog, and it shows the development of unemployment in past recessions in the US.
Unfortunately, the 1930s depression hasn’t been included.
Basically, if we were following the pattern of past recessions, unemployment should have peaked by now, but it’s still growing.
Where will it end? Will it create social unrest in the US?
Also, does anybody have equivalent graphs for the UK?