To follow up what I was talking about last night, here’s a graph.
clipped from

However, even if you graph jobless claims relative to the number of (nonfarm) workers it paints a bleak picture. Using the most recent data (and assuming that tomorrow’s jobs report is in line with expectations), the ratio has just hit its highest level since 1983, lending further support to the notion that the current downturn is the worst in decades.

blog it