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Employment Recovery? after the Great Recession

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  • Michalis Nikiforos

Abstract

This policy note discusses the prospects for job creation in the US based on the most recent Levy Economics Institute Strategic Analysis report, Is the Link between Jobs and Output Broken? The results of our analysis confirm the continued weakness of the US economy in terms of job creation—a phenomenon that has come to be known as a "jobless recovery." We argue that to understand the problem we must look beyond the unemployment rate, which can conceal changes in the labor force. A prolonged recession can discourage workers, causing them to drop out of the labor market, thus lowering the unemployment rate without increasing employment. Therefore, the total number of people employed should be considered in tandem with the unemployment rate.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Policy Note Archive with number 13-03.

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Date of creation: Apr 2013
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Handle: RePEc:lev:levypn:13-03

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Web page: http://www.levyinstitute.org

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  1. Oscar Jorda & Moritz Schularick & Alan Taylor, 2012. "When Credit Bites Back: Leverage, Business Cycles and Crises," Working Papers, University of California, Davis, Department of Economics 1224, University of California, Davis, Department of Economics.
  2. Dimitri B. Papadimitriou & Greg Hannsgen & Michalis Nikiforos, 2013. "Is the Link between Output and Jobs Broken?," Economics Strategic Analysis Archive, Levy Economics Institute sa_mar_13, Levy Economics Institute.
  3. Stacey L. Schreft & Aarti Singh & Ashley Hodgson, 2005. "Jobless recoveries and the wait-and-see hypothesis," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 81-99.
  4. William Milberg & Deborah Winkler, 2010. "Financialisation and the dynamics of offshoring in the USA," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 34(2), pages 275-293, March.
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Cited by:
  1. Dimitri B. Papadimitriou & Greg Hannsgen & Michalis Nikiforos & Gennaro Zezza, 2013. "Rescuing the Recovery: Prospects and Policies for the United States," Economics Strategic Analysis Archive, Levy Economics Institute sa_oct_13, Levy Economics Institute.
  2. Michalis Nikiforos, 2013. "A New 'Lehman Moment,' or Something Worse? A Scenario of Hitting the Debt Ceiling," Economics Policy Note Archive, Levy Economics Institute 13-09, Levy Economics Institute.

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