SEARCH BLOG: ECONOMY.
This winter, colds and the flu have been hanging on an on. It seems as if the recovery from these afflictions happens at the pace of a glacier melting. Coincidentally, that seems to be the pace of employment recovery in the U.S.
From the Bureau of Labor Statistics:
Why have the last three recoveries been viewed as jobless, while previous recoveries were not? This is because the speed of recoveries has been slower than before. In the early 1990s and early 2000s, as well as after the Great Recession, slow growth meant that sizable output gaps persisted well into the recovery. In contrast, in most earlier recessions, the output trough was followed by a period of above-normal growth that pulled output back to its previous trend.