Tuesday, July 28, 2009
From the Tom Toles collection at the Washington Post:
The "lag" this time around should be more pronounced than usual. Even with the housing bubble beginning to inflate in 2002, the peak in unemployment came almost two years after the end of the recession, about six times the average of the prior nine recessions. If you remove the 15 month lag from the 1991 recession, the prior average is just three months.