The biggest changes in the US since the end of the Great Recession
Posted On May 26, 2021
The biggest shifts in the American economy have been among the most dramatic.
The number of jobs has fallen by nearly half, and wages have fallen.
For a lot of people, it has been hard to stay afloat.
And while many Americans have had enough, they’ve also been caught off guard by the new challenges facing them, experts say.
“It’s been very difficult for people to make ends meet,” said Dan Stapleton, a labor economist at the Brookings Institution.
In a recent report, Stapletons team examined how people have responded to the downturn.
It found that the recession is likely to lead to a rise in unemployment.
While the unemployment rate fell from its peak of 12.6 percent in June 2008 to 10.5 percent in September 2012, it was still more than six percentage points higher than the overall jobless rate, which was 5.3 percent in November 2011.
The economy is already growing, but it’s slowing.
Stapleton and his colleagues found that during the recession, people stopped working and took jobs that had previously gone to those who had left.
But that trend has continued as people have been drawn back into the workforce.
Employers are hiring people to fill jobs that have disappeared, but they are also looking for new workers to fill positions that are now filled by more experienced workers, said Robert Katz, chief economist at CitiGroup.
The number who are employed rose by 9.4 percent in 2012, to 9.9 million.
But the jobs they do have are usually in higher-paying occupations, such as professional services and sales, and they are likely to last longer than those that have been created by those who have lost their jobs, Katz said.
More people are working than they were during the recovery, but not enough people are doing the work.
In a report published in December, the Brookings team found that about 10 percent of Americans were working part-time.
That was down from about 10.4 per cent in October 2008, but still higher than a quarter of all Americans.
And while the economy has grown at a rate of about 2.6% over the past five years, the share of Americans who are working full-time is still far lower than the rate in the late 1990s, when the recession hit.
That gap has widened since then, to about 18.5% from 16.9%.
For a long time, the economy was growing at a relatively steady pace, Stashe said.
And during the Great Depression, the government spent heavily to stimulate the economy.
But that effort had a negative impact on the economy, as Americans lost confidence in government and began to feel that they could not trust their government to help them.
In the last several years, some people have seen the benefits of that investment.
But many people, including those who were in the workforce when the downturn hit, are seeing it pay off.
And now that they’ve lost jobs, many people are looking to work full- time.
That’s putting pressure on the federal government.
In February, the Federal Reserve raised interest rates by a quarter point to an average of 2.75%.
That means the Fed is raising interest rates in a very short period of time, meaning the economy is taking longer to recover.