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.
When comparing the Great Recession against other advanced economies’ financial crises in recent decades, the current U.S. cycle has outperformed in terms of employment, even as most other measures of financial crises were just as bad — home prices, stock prices, GDP per capita, government debt and the like. Chosen excerpts by Job Market … Continue reading
The map below tracks per capita job growth in U.S. states from 2010 to 2013. New Jobs Per 10,000 Residents (2010-2013) The map conforms to the pattern of an economy recovering around the twin pillars of energy and knowledge. North Dakota, the center of the natural gas boom, leads the way by a huge margin … Continue reading
US – The 2009 Recovery Act directly created and saved jobs primarily in government finds St. Louis Fed
Over one-half of the fiscal spending component of the American Recovery and Reinvestment Act ARRA; i.e., the Recovery Act was allocated via grants, loans, and contracts. Businesses, nonprofits, and nonfederal government agencies that received this type of stimulus funding were required to report the number of jobs directly created and saved as a result of … Continue reading
The Bank of Canada says the country’s job-creation record since the recession is likely a little less impressive than the fall in the unemployment rate would suggest. The central bank says in a new research paper that the unemployment rate, although the most quoted measure of labour market health, has overestimated the jobs recovery in … Continue reading
The nation’s labor market has recovered far more slowly after the Great Recession than it did following every other economic downturn since World War II. To be sure, employment growth was promising in 2013, and the unemployment rate declined. Other measures of the labor market remained subdued, however. The compensation to workers—including benefits and adjusted …Continue reading
The deep recession that began in December 2007, when the economy began to contract, and ended in June 2009, when the economy began to expand again, has had a lasting effect on the labor market. More than four and a half years after the end of the recession, employment has risen sluggishly—much more slowly than … Continue reading