Saturday, January 10, 2009

Averaging The Misery Index, Economist take on Recession

This Isn’t the First Recession, Nor the Worst… So Far

By Robert Struckman , 1-09-09

This painful economic cycle may end a 30-year stretch of moderate ups and downs, but it’s about average compared to the worst 10 recessions since World War II.

That’s one lesson immediately apparent after checking out the graphs and statistics on a new Web page on the site of the Minneapolis Federal Reserve Bank.

“Our main reason wasn’t to push any line,” explained senior economist Terry Fitzgerald. “But it’s important to look at the data and keep things in perspective.”

Accurate comparisons are hard, because the current data can seem like a constantly moving target. Employment numbers and other data get released and then revised. Some offers glimpses of good news. Others seem to dash those hopes. Fitzgerald said he’ll do the only thing possible, which is to constantly revise and extend the numbers, as new information comes in.

Still, while the economy could always get dramatically worse, the numbers so far seem roughly comparable to a number of recessions, not the Great Depression.

Continue reading article HERE

Click on the Cartoon above to see more Cartoons, by Jack Ohman, The Oregonian.

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