[lbo-talk] fresh punditry

Marv Gandall marvgandall at videotron.ca
Wed Apr 8 19:19:46 PDT 2009



>From Doug's blog:

"1931 redux?

Some analysts are saying that these signs of recovery are rather similar to a false dawn spied in 1931, as the Great Depression was unfolding. Back then, the unemployment rate was around 11–12%, about three points higher than now—in other words, somewhat higher, but not massively so. After that false dawn dissipated, the unemployment rate more than doubled over the next couple of years, peaking at over 25% when Roosevelt took office in March 1933." =============================================== The government's broader "U-6" number, which includes discouraged workers and part-timers who can't find full-time jobs, was closer to a (staggering) 16% last month.

How did they measure unemployment in the early 30's, before the New Deal introduced UI, whose claims are the basis for determining the official rate most commonly used today?



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