Thursday, January 27, 2011

Jobless Recovery

From Wikipedia.  “A jobless recovery or jobless growth is an economic phenomon in which a macroeconomy experiences growth while maintaining or decreasing its level of employment. The first documented use of the term was in the New York Times in the 1930s . . .   Depressions and jobless recoveries were common in the 19th century[citation needed], such as in the Long Depression; during the Great Depression unemployment remained high for years after GDP had returned to growing;[citation needed] and persistently high unemployment (10% or more for decades) has occurred in many countries over the 20th century.”
If ever there was a spin on the economy, this is it.  How can you possibly have a recovery if there are no jobs?   So, one part of the economy is improving while another part of it is lacking?  Not a true recovery, ergo  “jobless recovery”.  That is the only way I can see  it.
For months, over 400,000 people a week have been claiming unemployment benefits for the first time.  First time jobless claims are up this week to the tune of 454,000 because of the weather.  Because of the weather?  Has the whole country been having snow? 
I have been reading that the recession is over.  Huh?  This is what the ubiquitous “they” are saying.  No one asked me.

2 comments:

  1. Hmm... Interesting. I thought that the term "jobless recovery" started in the last ten years.

    Thanks for the info!

    ReplyDelete
  2. Yes, I was also surprised. Never know what you will learn.

    ReplyDelete