The scary chart of the day plots job losses as a percentage of peak workforce.
Looking at the numbers this way, we can see that the dot-com bust was shallow but protracted (47 months to full recovery) whereas the recession of ’48 was steep but over quickly (only about 20 months to full recovery).
And us? Well, our declines have hit the same level as the ’48 recession, but theirs was over before we hit bottom.
Indeed, this recession is different from anything else we’ve known.
Via Calculated Risk