By several measures — gross domestic product, personal income, job growth and employment ratio — the current recovery is among the weakest on record, particularly given its duration. Unless the economy’s official scorekeepers change their minds, the recovery already has lasted 60 months — the fifth-longest expansion since the end of World War II. Economists divide economic cycles into two phases: expansion or recovery and recession. The current recovery is considered to have begun in June 2009, the trough of the recession that started when the economy peaked in December 2007.
We compared the current recovery’s performance on several metrics against the first five years of the other longest-running expansions — those of 1961-69, 1982-90, 1991-2001 and 2001-07. By almost every measure, the current recovery has lagged well behind those of the past.
Consider the broadest measure of economic activity, gross domestic product. Since the second quarter of 2009 GDP is measured quarterly, not monthly, inflation-adjusted GDP has risen just 10.8% — the slowest growth of any of the five-year periods examined. In fact, as far as GDP goes each recovery since the 1960s has been weaker than the last see chart.
Chosen excerpts by Job Market Monitor. Read the whole story at Recovery from Great Recession is underwhelming | Pew Research Center.
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