The Great Recession officially began in December 2007 and ended in July 2009. This doesn’t mean that the economy has returned to where it was before the steepest downturn since the Great Depression and may not for years. According to a recent report by IHS Global Insight, employment is not expected to return to its pre-recession peak until 2014.
To be sure, parts of the U.S. are recovering. Experts expect the economy to grow an average of 3% in the second half of this year. 30 metropolitan areas will have reached their pre-recession peaks by the end of 2011. More than half of the nation’s 363 metropolitan areas are expected to return to their employment peaks by 2014 or before. Others are not so lucky.
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