The nation has 5% fewer jobs today — a loss of 7 million — than it did when the recession began in December 2007. That is by far the worst performance of job generation following any of the dozen recessions since the 1930s [see graph]. In the past, the economy recovered lost jobs 13 months on average after a recession. If this were a typical recovery, nearly 10 million more people would be working today than when the recession officially ended in June 2009.
In the Atlantic, associate editor Derek Thompson writes:
what kept unemployment in double digits throughout 2010? Job openings, which had fallen more than 50% from 2007, rebounded moderately. But hires, which had fallen more than 20%, didn't recover [see graph]. . . the labor economy froze. [We have] nonexistent efforts to fix a static unemployment problem.
Look at the graph’s purple line--the failure to boost hires! A dramatic picture of no job growth.Two graphs. Two legacy media articles. Same depressing message.
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