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The recession of 1981-1982 was the worst recession, until now, since the Great Depression. Now, some are speculating that we are in a recession that will be worse than the one in the 80′s and that it will likely last at least through 2009.

The 81-82 recession, as well as the 73-75 recession, lasted 16 months. We will beat that figure if the current recession reaches past April.

Headlines comparing today’s recession to that of 81-82:

• In January, reports showed 207,000 manufacturing jobs vanished in the largest one-month drop since October 1982.
• Major automakers’ U.S. sales extended their deep slump in February, putting the industry on track for its worst sales month in more than 27 years.
• Struggling homebuilders have just completed the worst year for new home sales since 1982.
• There are 12.5 million people out of work today, topping the number of jobless in 1982.

Currently, the unemployment rates aren’t as high and he GDP hasn’t fallen as far, but it is getting closer and closer everyday. With the awful week Wall Street had last week, we can only hope that we’ll see a bottom soon.
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Jeremy

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