The labor market in the great recession
By: Michael W. Elsby, Bart Hobijn, Aysegul Sahin
Contributors: Hobijn, Bart; Şahin, Ayşegül, 1972-; National Bureau of Economic Research
Series: NBER working paper series -- working paper 15979; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15979.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "From the perspective of a wide range of labor market outcomes, the recession that began in 2007 represents the deepest downturn in the postwar era.  Early on, the nature of labor market adjustment displayed a notable resemblance to that observed in past severe downturns.  During the latter half of 2009, however, the path of adjustment exhibited important departures from that seen during and after prior deep recessions.  Recent data point to two warning signs going forward.  First, the record rise in long-term unemployment may yield a persistent residue of long-term unemployed workers with weak search effectiveness.  Second, conventional estimates suggest that the extension of Emergency Unemployment Compensation may have led to a modest increase in unemployment.  Despite these forces, we conclude that the problems facing the U.S.  labor market are unlikely to be as severe as the European unemployment problem of the 1980s"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 6/15/2010.

Includes bibliographical references.

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