This Week’s WOW – Jobless Recovery
This Week’s WOW – word of the week is Jobless Recovery.
A jobless recovery is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of President George H.W. Bush’s term; it came back into use during the early 2000s.
Prior to the 1900s, most economic recoveries led to employment increases relatively rapidly. However, starting with the 1991 recession the employment recoveries have been historically slow. For good reason, many believe we are experiencing a jobless recovery today. Fortunately the breakneck pace of job loss we’ve seen during this recession has waned. However, this week the Wall Street Journal reported,
“Companies across the economy are holding off on hiring even as the profit outlook improves, amid economic uncertainty and their own success at raising productivity in rough waters.
Hiring always lags behind in economic recoveries, but the outlook this time is worse, many economists say. Most forecasters now expect a prolonged period of high unemployment, even though the government is expected to report next week that the economy grew in the third quarter, after four quarters of contraction.” We may be hearing this phrase more and more in the weeks and months ahead.”
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Comments
I believe that no matter the state of the economy, the opportunity to create your own wealth is always present. People should stop thinking about a job and think about how they can become employers. There are still plenty of opportunities out there for small business owners.
It’s about time that people accept that unemployment will be around for a very long time. Its hard to comprehend how bad our economy truly is.