More evidence that the most recent recession/recovery is a of a different nature than most. This graph shows the percent decline in employment levels over time for each recession since 1948. Not only has the 2008 recession had the greatest percentage decline, but it also appears that we will not return to the prerecession peak for some time. Notice the shape of the 2001 and 2008 trends vs the rest of the recessions shown. 2001 was not nearly as deep as some of the others, but it took a lot of time to get back to the previous peak. It looks like the Great Recession got the worst of both worlds.
Here is the original graph from McKinsey. They suggest an alarming trend, but I am waiting to see what happens in the next recession (although I'm hoping that isn't for at least another 10 years. If it is also followed by a jobless recovery, then I'll agree we are in serious trouble.
See my previous posts about the jobless recovery
here and
here. I'm not actively in the job market right now, but is anyone seeing signs of life out there?
HT
D.O
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