Thursday, October 22, 2009

How recessions spread 

A cool graph, illustrating the regional spread of recession by using a graphic kind of like Gapminder to show employment gains and losses in 100 U.S. and 20 Canadian cities. h/t: Craig Newmark. What's interesting is to pull the slider to December 2007. Where were the job losses at that time? Broadly three places: Detroit and nearby; Florida; California. Even when you pull it over to July 2008 all you really notice is the filling in of the states between Illinois/Indiana and Florida. 380,000 jobs lost between July 2007 and July 2008 nationwide. Go to July 2009 (last month coded) and now you have 5.7 million more jobs lost and a sea of red across the states.

If I was teaching macro this term, I'd use this one in a classroom.