QandO

March 30, 2004

Riding the Bubble
Posted by Jon Henke

The House Joint Economic Committee has released an interesting report (pdf) I'll give you the short introduction: the 1990s boom was worldwide, and many countries experienced the same stock bubble - and bubble-burst - experienced in the US. As a result, our recoveries can be compared.....

Despite a stock market crash, economic slowdown and recession, terrorist attacks, wars, and other adverse shocks, the United States has outperformed, on balance, the other major developed economies in three key
measures – real GDP growth, industrial production, and the decline in its unemployment rate after it had peaked – in recent years. The United States has had the largest cumulative increase in its real GDP after its downturn had ended.

Although unemployment rates have increased in all major developed economies, the United States has had the largest post-peak decline in its unemployment rate of 0.8 percentage points. The most recent U.S. unemployment rate of 5.6 percent is significantly below the most recent unemployment rates of 8.0 percent in the European Union or 7.4 percent in Canada. Moreover, the average duration of unemployment is much
shorter for jobless workers in the United States than in either the European Union or Japan.

Not working.....compared to who?

TrackBack