Today’s Jobs Numbers

If I were only allowed to have one labor-market graph, these days I think it would be this one.

Change in employment relative to peak, recent recessions

Source: Catherine Rampell, NYT. "Horizontal axis shows months. Vertical axis shows the ratio of that month’s nonfarm payrolls to the nonfarm payrolls at the start of recession. Note: Because employment is a lagging indicator, the dates for these employment trends are not exactly synchronized with National Bureau of Economic Research’s official business cycle dates."

Paul Krugman said it well earlier today: “been down so long it looks like up to me.”

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