We’ve heard of “jobless recoveries.” Now the U.S. is stuck in a job-killing recovery.
The Great Recession of 2007 ended in June 2009, according to a group of experts. But in the 15 months since then, the U.S. economy shed another 329,000 jobs. That leaves many Americans doubting the news.
“Is anyone really buying this?” one reader commented on the Los Angeles Times website in response to the news. “The recession is over? Yeah, right.”
The announcement comes from the National Bureau of Economic Research, a nonprofit group that is the Federal government’s official source for reporting macroeconomic trends including Gross Domestic Product.
When calculating a recession’s end date, the bureau considers things like industrial production and total economic output, both of which began a slow rebound in June 2009. The study does not consider unemployment, which remains at 9.6 percent.
Nor does the announcement mean that the economy regained the strength it had before the downturn began. Robert Hall, an economics professor at Stanford University who served on the committee, tracked online reactions to the report.
“At least half of them excoriate us for saying that the recession is over,” Hall told the L.A. Times. “But we are only saying that things started to get better in June 2009, not that times are good.”
Like many Americans, committee members agreed that this just doesn’t feel like a recovery.
“What’s really unique about this recession is the amount of unemployment in combination with the slowness of the recovery,” Robert J. Gordon, an economist at Northwestern University, told The New York Times. “That’s just not happened before.”