Anyone that thinks an unemployment rate of 8.3% is the end of the world should take a look back 80 years or so and maybe reevaluate. Back in 1933, unemployment across the US reached a rather mind-blowing peak of 25.6%.
A new economic database courtesy of the Federal Reserve Bank of St. Louis has just made it easier than ever before for any Joe Schmo to take a deep and dark delve into the state of the economy before World War II had its wicked way with the world. The chart above for example is pretty compelling and took no more than a few clicks to create.
The unemployment rate as depicted in the chart represents data collected and collated from a handful of difference sources. Given the fact that the US government didn’t start keeping employment and unemployment records until 1940, it rested with the country’s economists to come up with their own means of data-collection and recording prior to this date.
Of course, the red line is the most compelling of all and in this case is the work of one Geoffrey H. Moore – the founder of the Economic Cycle Research Institute and the statistics tutor of who would go on to be Fed Chairman Alan Greenspan.