US / The Great Wage Recession And The Great Jobs Recession : Two Charts

As bad as the current job recovery has been — and it’s by far the weakest since World War II — the recovery in wages has been far worse.

Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues.

By comparison, the longest previous post-war wage recession, which began with the 2001 downturn, was over in 2-1/2 years, even though that jobs recession lasted four years.

Chosen excerpts by Job Market Monitor 

via Wage Recession Is Five Years Old, Worst Since World War II – Investors.com.

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And The Great Jobs Recession 

The graph shows the job losses from the start of the employment recession, in percentage terms, compared to previous post WWII recessions. The dotted line is ex-Census hiring.

This shows the depth of the recent employment recession – worse than any other post-war recession – and the relatively slow recovery due to the lingering effects of the housing bust and financial crisis.

Chosen excerpts by Job Market Monitor

via Calculated Risk: January Employment Report: 157,000 Jobs, 7.9% Unemployment Rate.