With unemployment data scheduled for a Friday release, it might be helpful to place the numbers in perspective. The Dallas Fed has illustrated the following conclusions through a series of graphs comparing employment trends now to past recessions.
1. The unemployment rate is rising faster than any previous recession since WW II.
2. Showing somewhat of a mirror image of #1, civilian employment is steeply falling.
3. Current unemployment levels are far less than during the Great Depression.
4. While the civilian labor force can grow during a recession, recently, the numbers have fallen.
The Economic Lesson
To be defined as a member of the labor force, an individual is:
-16 years old or older
-unemployed and looking for a paying job