We’ve been through crises before; how did the job market recover afterward?
A 2019 report from the Center on Budget and Policy Priorities unpacked the employment recovery after the Great Recession with a few key points that might provide guidance on what to expect in 2021 and beyond:
- The Great Recession began in December 2007 and ended in June 2009. Though job market recovery happened steadily, it was a slow burn to full recovery in 2017. A few highlights:
- The economy began its return to growth in June 2009 due to fiscal stimulus measures.
- Private employers added an average of 190,000 jobs a month from March 2010 to December 2017.
- The unemployment rate didn’t fall to its prerecession level (5%) until late 2015.
- By mid-2014, the economy had recovered the 8.7 million jobs lost in the first three years of the recession.
