{"id":4237,"date":"2009-02-11T06:00:49","date_gmt":"2009-02-11T14:00:49","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=4237"},"modified":"2009-03-13T07:27:07","modified_gmt":"2009-03-13T14:27:07","slug":"crash-comparisons-job-losses-dow-jones","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/02\/11\/crash-comparisons-job-losses-dow-jones\/","title":{"rendered":"Crash Comparisons: Job Losses &#038; Dow Jones"},"content":{"rendered":"<p>House Speaker Nancy Pelosi recently <a href=\"http:\/\/www.speaker.gov\/blog\/?p=1683\" title=\"What 3.6 Million Jobs Lost Over 13 Months Looks Like\">posted an alarming chart of job losses<\/a> that has been making the rounds.<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/jobsrecessions.jpg\" title=\"Job Losses in Recessions\" rel=\"lightbox[4237]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/jobsrecessions-600x438.jpg\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Job Losses in Recessions - Click to enlarge\" alt=\"Job Losses in Recessions\" width=\"600\" height=\"438\"><\/a><\/p>\n<p>What jumps out to me when I look at her chart is the fact that the y-axis shows raw number of jobs rather than a percentage loss, and therefore fails to account for the increased size of the job pool from one recession to the next.  To give you an idea of how misleading this can be, just check out a chart comparing the current Dow Jones crash to the Great Depression, but in raw points rather than as a percentage:<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/dow-jones-crashes_non-scaled.png\" title=\"Dow Jones Crashes\" rel=\"lightbox[4237]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/dow-jones-crashes_non-scaled-600x435.png\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Dow Jones Crashes - Click to enlarge\" alt=\"Dow Jones Crashes\" width=\"600\" height=\"435\"><\/a><\/p>\n<p>A reader requested that I post a graph similar to the Dow Jones percentage decline crash chart I have published on here a few times, but showing job losses as a percentage loss from the peak.  Coincidentally, <a href=\"http:\/\/www.calculatedriskblog.com\/2009\/02\/job-losses-during-recessons.html\" title=\"Job Losses During Recessions\">Calculated Risk posted that exact chart a few days ago<\/a>.  Here it is:<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/joblossespostwarii.jpg\" title=\"Job Losses in Post-WWII Recessions\" rel=\"lightbox[4237]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/joblossespostwarii-600x389.jpg\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Job Losses in Post-WWII Recessions - Click to enlarge\" alt=\"Job Losses in Post-WWII Recessions\" width=\"600\" height=\"389\"><\/a><\/p>\n<p>The current rate of job losses is bad, but it doesn&#8217;t look quite as alarming when you compare it in a scaled chart.<\/p>\n<p>While we&#8217;re at it, here&#8217;s an updated edition of the Dow Jones crash chart:<\/p>\n<p style=\"width: 600px; margin: 5px auto; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/dow-jones-crashes_2009-02-10.png\" title=\"Dow Jones Crashes\" rel=\"lightbox[4237]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2009\/02\/dow-jones-crashes_2009-02-10-600x435.png\" style=\"border: 1px solid #000000; margin: 5px;\" title=\"Dow Jones Crashes - Click to enlarge\" alt=\"Dow Jones Crashes\" width=\"600\" height=\"435\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House Speaker Nancy Pelosi recently posted an alarming chart of job losses that has been making the rounds. What jumps out to me when I look at her chart is the fact that the y-axis shows raw number of jobs rather than a percentage loss, and therefore fails to account for the increased size of&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[403,344,363,108,271,303],"coauthors":[],"class_list":["post-4237","post","type-post","status-publish","format-standard","hentry","category-stats","tag-depression","tag-dow-jones","tag-jobs","tag-recession","tag-stock-market","tag-unemployment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crash Comparisons: Job Losses &amp; Dow Jones \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/02\/11\/crash-comparisons-job-losses-dow-jones\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Crash Comparisons: Job Losses &amp; Dow Jones \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"House Speaker Nancy Pelosi recently posted an alarming chart of job losses that has been making the rounds. 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