... based by examining the industries with declining employment. The maximum percentage for most post-war recessions was around 81 percent where as this only posted a 73 percent. Figure 1.1 and 1.2 show data and patterns of previous recessions dealing with duration and diffusion. Figure 1.1 Source: Board of Governors of the Federal Reserve System; Moore (1983) National Bureau of Economic Analysis; U.S. Bureau of Labor ... trade decreased at a faster rate than the average for prior recessions, and unusual weakness was evident in the services industry as well. In contrast to these worse-than-...

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