Correction to the May Unemployment Chart June 8, 2009Posted by geoff in News.
Several commenters both here and at other blogs have asked if the monthly markers shown for April and May are lined up correctly. I had thought about it when I first made the chart, but I’ve come to the conclusion that the commenters/bloggers were correct and the chart was in error. So here’s the new chart, where you can see that the effect of the correction is to move the actual unemployment rates one month to the left.
This, of course, makes the situation look even worse.
I’ve also added more points to show the monthly data since Oct ’08. The Obama team’s graph was plotted by quarters instead of months, so the numbers don’t quite line up.
Sorry for the mistake. At least nobody can claim that I was coming down too hard on Obama’s economic team.
Please do me a favor and spread the word that the corrected graph is available.
[FUN UPDATE: On May 11th, Christina Romer (she who made the original chart) said that unemployment could get as high as 9.5%. Any bets on whether she's right?]