How Bad is US Unemployment?

Freeman, Alan and Desai, Radhika (2009): How Bad is US Unemployment?

Abstract

This article assesses the significance of the January 2009 US unemployment figures. The steep fall of 4 million jobs is greater than any 12-month fall in history.

Does this mean that 2007-2008 heralds the worst recession since 1929? This article assesses the empirical evidence of the US payroll figures to date.

• Item Type: MPRA Paper
• Language: English
• Keywords: Keywords: Credit Crunch; Investment; Liquidity Preference; Rate of Profit; State; Welfare State; War; Military Keynesianism
• Subjects: E - Macroeconomics and Monetary Economics > E0 - General; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes ; Keynesian ; Post-Keynesian; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity

References

Freeman, A(2009)(forthcoming)'Investing in Civilization', in Antony, W. and Julie Guard (2009) (eds) (forthcoming) 'Bailouts and Bankruptcies', Winnipeg: Fernwood Press

Desai, R(2009) (forthcoming)'Keynes Redux: From Imperial to International at Last?' in in Antony, W. and Julie Guard (2009) (eds) (forthcoming) 'Bailouts and Bankruptcies', Winnipeg: Fernwood Press

Authers, John ‘Non-farm Payrolls and Stocks’ Financial Times 6 February 2009.

McKenna, Barrie, ‘Scary Job Numbers for Sure, but it’s No Depression’. Toronto Globe and Mail, 7 February 2009.