Three words: dead cat bounce. All you have to do is look at figure A on page 3. Employment fell in the 2007-2009 recession about four times as much in percentage terms as it did in the 2001 recession. The better jobs recovery from the TROUGH in 2009 still leaves employment much further below the previous peak than was the 2001 recession from its peak.
Another way of looking at it would be to speculate that some of the job losses in 2007-2009 were overkill in terms of what actual labor requirements turned out to be even without more growth. On Thu, Jul 14, 2011 at 1:50 PM, Jim Devine <[email protected]> wrote: > Louis Proyect wrote: > > Speaking of this, have PEN-L'ers seen the EPI paper by Josh Bivens > > and Isaac Shapiro that claims that job recovery is better now than > > in past recessions, of all things?... > > > > The only other thing I will say is that Bivens once wrote that > > this recession is the worst crisis since the 1930s. I guess > > consistency is the hobgoblin of petty minds. > > there may not be a contradiction: in the 2007-09 recession, > joblessness rose faster than people would expect given the fall in GDP > (which is one reason why Obama's stmulus package was too small). It's > possible that the extremely anemic recovery of real GDP is causing a > similarly disproportionately large fall in joblessness. > -- > Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own > way and let people talk.) -- Karl, paraphrasing Dante. > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Sandwichman
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