After Friday’s grim jobs data, which showed that the U.S. added just 39,000 net jobs in November, it’s worth noting again just how severely the recession has impacted the job market.
This disturbing chart — repeatedly referred to as “the scariest job chart ever” by Henry Blodget — from Calculated Risk shows, in percentage terms, how the job market has failed to rebound at the rates seen after previous recessions. “This is by far the worst post-WWII employment recession,” Calculated Risk notes.
With 15 million officially unemployed, the job situation may actually be worse than the headline figures. As HuffPost’s Peter S. Goodman noted, some 17 percent of Americans couldn’t find enough work or had given up looking for work in November. Among black Americans the unemployment rate hit 16 percent, compared to 9.8 percent nationally.