Difference between revisions of "Jobless recovery"
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A '''jobless recovery''' is an economics term used when the economy has started to grow after reaching the bottom of a [[recession]], but [[unemployment]] remains high and there is still either continuing net job loss or little net job creation. Historically, many recoveries in the [[United States]] have had increasing unemployment for several months after the first signs of positive [[GDP]] growth. However subsequently, some recoveries have followed a "V-shape" where employment growth picks up rapidly, whereas other recoveries have had slow employment growth. | A '''jobless recovery''' is an economics term used when the economy has started to grow after reaching the bottom of a [[recession]], but [[unemployment]] remains high and there is still either continuing net job loss or little net job creation. Historically, many recoveries in the [[United States]] have had increasing unemployment for several months after the first signs of positive [[GDP]] growth. However subsequently, some recoveries have followed a "V-shape" where employment growth picks up rapidly, whereas other recoveries have had slow employment growth. | ||
| − | In the [[Great Depression]] of the 1930s, unemployment remained stubbornly high even after most sectors of the economy had recovered.<ref> see Richard J. Jensen, "The Causes and Cures of Unemployment in the Great Depression," ''Journal of Interdisciplinary History'' 19 (1989) 553-83. [http://www.jstor.org/pss/203954 online at JSTOR]</ref> From 2001-2003, the economy lost jobs, even though there was <i>no</i> recession according to the traditional definition of two consecutive quarters of negative growth.<ref>[www.bea.gov]</ref><ref>[http://economics.about.com/od/economicsglossary/g/recession.htm About.Com]</ref><ref>[www.bls.gov]</ref> | + | In the [[Great Depression]] of the 1930s, unemployment remained stubbornly high even after most sectors of the economy had recovered.<ref> see Richard J. Jensen, "The Causes and Cures of Unemployment in the Great Depression," ''Journal of Interdisciplinary History'' 19 (1989) 553-83. [http://www.jstor.org/pss/203954 online at JSTOR]</ref> From 2001-2003, the economy lost jobs, even though there was <i>no</i> recession according to the traditional definition of two consecutive quarters of negative growth.<ref>[http://www.bea.gov Bureau of Economic Analysis]</ref><ref>[http://economics.about.com/od/economicsglossary/g/recession.htm About.Com]</ref><ref>[http://www.bls.gov Bureau of Labor Statistics]</ref> |
Revision as of 11:07, August 9, 2009
A jobless recovery is an economics term used when the economy has started to grow after reaching the bottom of a recession, but unemployment remains high and there is still either continuing net job loss or little net job creation. Historically, many recoveries in the United States have had increasing unemployment for several months after the first signs of positive GDP growth. However subsequently, some recoveries have followed a "V-shape" where employment growth picks up rapidly, whereas other recoveries have had slow employment growth.
In the Great Depression of the 1930s, unemployment remained stubbornly high even after most sectors of the economy had recovered.[1] From 2001-2003, the economy lost jobs, even though there was no recession according to the traditional definition of two consecutive quarters of negative growth.[2][3][4]
See also
References
- ↑ see Richard J. Jensen, "The Causes and Cures of Unemployment in the Great Depression," Journal of Interdisciplinary History 19 (1989) 553-83. online at JSTOR
- ↑ Bureau of Economic Analysis
- ↑ About.Com
- ↑ Bureau of Labor Statistics