It is a sign of things to come. According to a June 2011 study from the McKinsey Global Institute, the “jobless recovery” may be America’s new reality. From the end of the last World War through the 1980s, it took an average of 6 months for employment to recover from recession. But after the 1990-91 downturn, it took 15 months. After the “dotcom recession” of 2001, it took 39 months. If recent trends continue, it could take 60 months – five years – for employment to recover from the 2008-10 recession.
Other industrialized nations experience the same pressures. But because they tend to protect employment more, things play out differently. In Europe and Japan, high unemployment is concentrated among the young, whose entry into the job market can be delayed for years, and among temporary workers, who make up an increasing percentage of the workforce.
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Author: Robert Bell
