It has been two years since the official end of the Great Recession in June 2009, yet the labor market remains in grave shape, with nearly 14 million unemployed Americans. Two new EPI papers compare the Great Recession with past recessions and explore what makes this recession remarkably different from the others.
In Ten facts about the recovery, EPI economist Heidi Shierholzenumerates ten compelling truths about the Great Recession, among which include:
· The share of the working-age population with a job has not yet improved.
· Most of the improvement seen this recovery comes from a decline in layoffs, not an increase in hiring.
· Public-sector jobs have been hit particularly hard in response to budget cuts at the state and local level.
This last point is further explained in this week’s Economic Snapshot,Employment during the economic recovery.
Economic Policy Institute
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