States Are Recovering Lost Jobs at Surprisingly Similar Rates

Jason Bram and James Orr

No 20130626, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The U.S. economy lost more than 8 million jobs between January 2008 and February 2010. In contrast with earlier recessions, employment declines were seen across almost all states. The extent varied: In this recession, states with big housing busts generally saw steeper job losses, especially in construction, while some states also had severe job losses driven by manufacturing declines. One feature of this employment recovery is that it?s actually been quite uniform across states?and much more uniform than in earlier recoveries. With few exceptions, states appear to be marching in lockstep.

Keywords: recession; recovery; Employment; state economy (search for similar items in EconPapers)
JEL-codes: E2 J00 R1 (search for similar items in EconPapers)
Date: 2013-06-26
New Economics Papers: this item is included in nep-mac
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