Tuesday, September 21, 2010

Recession Over But Employment Depression Continues

There is a maxim that when your neighbors lose their jobs, it is a recession. When you lose your job, it is a depression.

Despite NBER's declaration that the recession ended June 2009, the job market has not recovered. Unemployment still hovers around the 9.5 percent mark and the number of employed is still millions below the peak of the pre-recession levels with millions of long-term unemployed.

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