Where were you in '82?
Published: Mar 06, 2009
By one measure, we are approaching 1982, what some say was the low point of the ugliest post-war recession to date. That measure is an alternative to the narrowly-defined "unemployment," a more comprehensive jobless rate that also considers workers who have had to settle for part-time employment (among other adjustments). These days, the U.S. Bureau of Labor Statistics compiles a similar "unemployment plus underemployment" stat. Back in the day, it didn't, but a New York Times reporter was kind enough to calculate one. With the help of the BLS, he figured the amount for 1982 at 16.3 percent -- and at 14.1 percent currently. The BLS estimate is 14.8 percent.
The rates are sure to climb -- if analyst predictions are correct, we're in for at least several more months of pain. So are you ready for a prolonged period of depressing economic nostalgia? Perhaps spinning(?) some Adam & the Ants will help...
--Posted by Todd Obolsky, Vault News & Commentary