The 1930s peak remains the benchmark for every later unemployment trend

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April 2020 produced the fastest jump in US unemployment ever recorded and then the fastest fall 1982 set the postwar US high in the unemployment trend after a double-dip recession Manufacturing employment fell for decades without dragging the unemployment trend down with it Southern European youth unemployment never returned to its 2007 level Europe's unemployment plateau from 1993 to 1997 and the long slide that followed it The jobless recovery of the early 1990s started a pattern that lasted two decades Every recession from 1970 to 2009 pushed peak unemployment higher until 2020 broke the pattern Japan held measured unemployment under 6% through its lost decade The 1970s wage-price spiral and how Volcker broke it Fields of history built around identity ask different questions than fields built around economy.

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