Journal Article

This time may not be that different: labor markets, the Great Recession and the (not so great) recovery


Abstract: The last three U.S. recessions have been followed by ?jobless recoveries.? The lack of robust job growth once GDP starts to pick up has a lot people asking if labor markets have changed in some fundamental way. I look at employment and unemployment growth in every recession since the 1950s and find that the current levels of these indicators can be explained by the severity of the Great Recession and the slow growth of GDP in the recovery.

Keywords: Labor contract; Labor market; Recessions; Economic conditions;

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Commentary

Publication Date: 2011

Issue: Sept

Order Number: 18