Depression not recession. It really is ``different this time.''
This animation of Bureau of Labor Statistics data depicts year over year changes in unemployment across the U.S. every month since the depression officially began in December 2007. States with falling unemployment are shown in light blue while dark blue indicates rising unemployment.
As forecast, unemployment during this depression has since January 2009 been rising in every state in the U.S.
If we compare that animation of unemployment data to this older one of recessions since the late 1970s we see that even at the worst part of the 1980 t0 1983 recessions unemployment fell in some states even if it was rising in most states.
We are sticking to our forecast of 20% U3 unemployment in the U.S. by the end of 2010.
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