During the post-financial crisis recovery, the US economy has created 10 million jobs.
This seems like a lot. And it is, on an absolute basis.
But when you compare this to other recoveries, it actually isn’t that many.
Two things, however:
- Compared to the recoveries seen in the 80s and 90s, the current post-crisis recovery hasn’t been quite as long.
- The financial crisis-induced downturn was sharper than any recession since the Great Depression, and far more violent than the recessions seen in the early 80s and early 90s, which sparked huge expansions.
So it’s either been a lacklustre bounce-back or, considering the sharpness of the last recession, it’s been pretty good. Depends how you want to look at it.
Here’s the chart, via Deutsche Bank’s Torsten Sløk.