The Labor Market in the Aftermath of the Great Recession

Mary C Daly and Elliot M Marks

Business Economics, 2014, vol. 49, issue 3, 149-155

Abstract: The Great Recession took a large toll on the U.S. labor market, reducing jobs and raising unemployment across most sectors and among workers of all skill levels. Although conditions have improved over the last five years, by most metrics the labor market recovery remains incomplete. The slow progress of recovery has raised concerns that some of the damage done by the recession will be permanent, and that a return to prerecession conditions is unlikely. This paper argues that although the recession coincided with, and even accelerated ongoing structural changes in the economy, most of the disruptions were cyclical and will likely be repaired over time. Should things evolve otherwise, the impact on the potential output and future growth of the economy could be profound.

Date: 2014
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