Almost two years into the recession, the rate of the year over year decline in the EMRATIO is actually accelerating...using the most recent recession as a guide, the peak rate of change for EMRATIO occurred about 36% of the way through the EMRATIO decline associated with that recession. If this month is the peak year over year rate of change and that relationship holds, then we would begin to see improvements in EMRATIO about 51 months from October, 2009 or about January, 2014.
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