This is the a pretty grim graphic of how this stimulus driven recovery matches up against the prior post WWII cycles. It puts the silly “Payroll vs Household Survey” argument to rest:
Source: The Economic Policy Institute
Regardless of which survey you prefer, this has been an atypical, job lacking recovery cycle. And given the massive bubble, over investment, and excess capacity created by the tech/internet/telecom mania of the late 90s, its likely to persist for a while.
The effects of Bubbles and Manias are cured mostly by time . . .
