Unemployment receives a lot of media attention so the slow jobs recovery coming out of the 2008-09 recession is nothing new. But the depth of the decline and the extremely mild trajectory of the recovery are startling when compared to employment gains after previous recessions.
The path of recovery is not going to experience a hockey-stick effect and turn straight upward from here. Considering that the three longest recoveries (1990, 2001 and 2007+) are the most recent experiences — and have each grown longer than the one before — it seems clear that the era of technological advancement has made companies so efficient that replacing jobs is not required.
Finding new ways to put the unemployed to work — easing government debt by reducing the extension of emergency unemployment benefits — will continue to be a prominent issue politically and for the economy.
~ Gary Brooks — Brooks, Hughes & Jones, Partners in Wealth Management — Tacoma, WA