http://cr4re.com/charts/charts.html#category=Employment&chart=EmployRessJuly2011alinged.jpg Per above, the last 3 recessions have taken the longest to reach its pre-crisis employment level. I can understand the 2007 recession, but not the 1990 and 2001 recessions. Why did it take so long for employment to reach its pre-crisis level? I would have thought that with the interest and other job venues, it would have been much easier to find a job, thus significantly shortening the time to recovery. I can’t understand why it’s the opposite, any ideas?
global wage arbitrage means manufacturing sector will have a hard time rebounding after recession. lack of a “leading” job growth sector for a number of years, in all cases. recession in housing/finance in 1991 and 2007, and recession in once booming tech sector in 2000. steady decline in military personnel. 600k fewer military personnel from 1990 to now. general lack of competitiveness vs. a unified Germany and growing China
Yep… it’s really a structural change in the economy. The corporations are based here and raking in profits, but they are not really employing Americans. And now, increasingly, they are not even selling to Americans, which means that Americans aren’t employed producing stuff, now they aren’t even employed in selling the stuff to other Americans. It’s not necessarily bad for the rest of the world, but it’s bad for people who live in the US.