Our not-so-jobless recovery?
Here's an interesting argument from Invictus: "Although we experienced the worst job-loss recession since the Great Depression, this has not been as job-less a recovery as many would have us believe. It is demonstrably better than the past two recessions as measured from the trough. Put another way, the labor market was in the deepest ditch it had been in for some 80 years and, given that, is actually doing a fairly reasonable job of climbing out."
You probably knew there was a graph coming, right? Here are private payrolls starting from the trough -- that is, when GDP stopped shrinking -- of the previous three recessions. As Invictus says, we're a bit ahead of the game:
I can think of a couple of arguments for why this chart doesn't tell enough of the story. One is that it doesn't account for the depth of our recession. It may well be easier to start adding jobs again when you've lost as many of them as we did. Going from an F to a D is easier than going from a C to a B. Another is that it ignores public payrolls, which are doing a lot of damage right now. And of course, as Invictus says, "the pace [of job creation] simply must accelerate if we are to recover all the jobs we lost in any reasonable time frame."
Nevertheless, it's interesting.
Posted by: justin84 | September 14, 2010 11:20 AM | Report abuse
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