Let’s put things into perspective.
In the last year, the U.S. economy lost 3.4 million jobs or 2.2% of the labor force. In the ’81-’82 recession, 2.4 million jobs were lost-fewer in numbers, but the labor force was smaller. So ’81-’82 total job losses were at 2.2% of the labor force,the same as today.
Now let’s compare the above numbers with the Great Depression. In 1930 the economy lost 4.8% of the labor force. And in 1931, 6.5% and by 1932, 7.1%. Jobs were being lost at double or triple the rate of today. And our current unemployment rate is presently three percentage points below 1982 which was at one point as high as 10.8%.
Just thought you would like to know.
Source: The Wall Street Journal