Reader John O pointed us to a very good post from the Economic Policy Institute which gives a thorough analysis of recent unemployment data and puts it in a broader historical context. Bottom line: it is not pretty. The fixation with looking for a turn in initial jobless claims as a sign of recovery seems to have diverted attention from how deep the unemployment hole is this time around.
I’ve cherry the charts and finding; there is plenty more good stuff where this came from:
Here is another revealing chart from the St. Louis Fed: