
Figure 1: Nonfarm payroll employment (blue, left log scale), industrial production (red, right log scale). NBER defined recession dates shaded gray. Source: BLS, Fed via FRED, NBER.
This chart says it all.

Figure 1: Nonfarm payroll employment (blue, left log scale), industrial production (red, right log scale). NBER defined recession dates shaded gray. Source: BLS, Fed via FRED, NBER.
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