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I put it to Danny that the referendum presented Scots with a chance to make a break from the British economy – one which has recovered from recession off the back of personal debt, falling wages for insecure jobs and a London-based housing bubble that, if it burst, would bring the Scottish economy crashing down with it.
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That was especially true after the recession scared off investors hoping for quick returns.
The Great Recession, set off by a subprime mortgage crisis that began in suburbs and exurbs, accelerated the trend.
A recession — set off by the financial crisis in the United States — has set back the country's economic trajectory.
But it goes down and continues down, you only recognize that you're in a recession well off the peak.
Another possibility, according to J.P. Morgan, is that the size and timing of the 2007-09 recession threw off the process for ironing out seasonal fluctuations in the data.
Since the long recession set off by that crisis took hold, that proportion has dropped to about one in eight, according to the CUNY report.
That level matches the highest rate of unemployment the city had throughout the recession set off by the financial crisis in 2007.
The other big fact is the recession set off by the financial crisis and the consequent imperative to jump-start economic growth.
A major reason the recovery from the 2007-9 recession got off to a slow start was the lack of a contribution from the homebuilding industry.
Economists said housing prices would probably continue to fall as Americans, worried about rising unemployment and the recession, put off big financial decisions like buying a home.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com