What's Strangling Job-Creation

Recessions were never fun, but we used to bounce back from them fairly quickly.  The phrase "bounce back" actually applied.  They were more like injuries in our youth: we could "walk them off."  Healing was natural, speedy, and expected. But now it seems like every minor injury sends us to the hospital; we take months to recover, and the doctors say we might not ever be the same.  Did we just get old, or did something more specific happen? I recently wrote of the graph below.  Recessions as measured by the number of private-sector jobs have been generally "V"-shaped: jobs returned about as quickly as they were lost. I noted that in our current recovery, the "V" became very lopsided and that this was the slowest such recovery in our history. Data source: St. Louis Fed/FRED, USPRIV series. But let's separate those recessions: those through 1983 and those since 1990. Do you see a rather stark difference?  Both charts are on the same scale, but the...(Read Full Article)

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