In the 1970s and '80s, the U.S. economy was a job-creation engine that could replace jobs lost during a downturn in a year or less after recession. Since then, when the economy stumbled, each downturn was followed by a longer period to replace jobs. Bearish economists think it could take the U.S. as long as five years to replace the 8 million jobs that disappeared during this recession. David Rosenberg, formerly head North American economist at Merrill Lynch, said the country is beginning "the mother of all jobless recoveries."

Related Summaries