After the last two big recessions in the mid-seventies and early eighties, the economy grew at close to 6% in the aftermath. This time around, the recession is being a lot more stubborn.
The nation has averaged less than half that 6% growth rate of previous post-recession periods, according to Los Angeles-based Christopher Thornberg, who points out that the unemployment rate, which is typically falling by this point in the recovery, has stayed near 10%.
“There is no doubt that the post-recession job growth in the US has left much to be desired,” says Thornberg, economist and founding principal of Beacon Economics. “Relative to the 8.5 million private-sector jobs lost between December 2007 and December 2009, we still have a long way to go before the labor markets get back to pre-recession levels.”
That job loss is one of the most daunting obstacles that the economy faces, according to Thornberg and others who track the employment market. Even the most optimistic forecasts point out that replacing 8.5 million jobs will take years.
For the full story, click here.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
