INDIANAPOLIS (WISH) – The unemployment drama playing out in the U.S. has drawn comparisons to the Great Depression, the worst economic downturn in the history of the industrialized world.
But economists say the downturn will likely fall short of “depression” standards, relative to overall duration.
The current unemployment rate, according to the Labor Department, is 14.7%. Some projections say it could reach at least 20% when new numbers come out in June.
Joblessness peaked during the Great Depression at 25% in 1933 – nearly one in four Americans were without a job.
Some market watchers says there will be permanent changes to the U.S. economy – among those, commercial real estate may never get back to where it was.
To hear more, click on the video.