2007-11 Employment Recovery: What Is Different

I have been saying that the framework for this recession recovery is not the usual post-contraction expansion, but rather, the set of Post-Credit Crisis recoveries. This is a decidedly smaller set, one that is meticulously detailed in Reinhart and Rogoff’s This Time Is Different: Eight Centuries of Financial Folly.

Hence, when we look at most employment charts, the set of recessions we tend to see is US Post WWII contractions. I have suggested that perhaps more insightful could be derived from a global, post-credit crisis set.

As revealed by the Employment charts below, courtesy of Ron Griess of The Chart Store, this recovery is far different than the typical post WW2 recession. The downside was far more severe, and the recovery is going to be far slower and more gradual than is typical.



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