Abstract
The slow recovery from the recession that ended in 2009 has been the subject of much analysis and comment. However, has the recovery really been slower than expected given the magnitude of the recession, historical patterns, and long-term changes in the U.S. economy and labor force? It is contended here that when these factors are taken into account, the recovery is fairly typical of the post-1960 experience. This paper lays out this case, after providing an overview of the economy as of September 2013. It then turns to the factors underlying the long-term trend of declining labor force participation and concludes by offering implications for policy.
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