Current Labor Market Recovery and Job Creation Are Outpacing the 1990-91 and 2001 Recoveries

According to a new study from the Joint Economic Committee based on employment data through November, “the recovery from the Great Recession continues, and is occurring more quickly than the recoveries from the 2001 and 1990-1991 recessions.”

Here’s a key excerpt:

“Despite the severity of job losses during the Great Recession, the current labor market recovery is outpacing the last two recoveries. A focus on private-sector job growth during this recovery as compared to the last two recoveries illuminates this point. In all three recoveries, the labor market continued to shed jobs even after economic activity accelerated. However, private sector job growth in the current recovery began substantially sooner than in the recovery from the 1990-1991recession and in the recovery from the 2001 recession. The private sector began adding jobs 16 months after the official end to the Great Recession, in comparison with 18 months after the 1990-1991 recession and 30 months after the 2001 recession (see chart above). Total non-farm job growth during the current recovery has been less steady, but this unevenness is due almost entirely to declines in government-sector employment (see chart below).”

HT: Steve Bartin of The Newsalert Blog.

About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

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