How long will the recession last? I don't know for sure, but we may be able to say something about how long labor markets will continue to struggle even after output growth begins to increase. The next two graphs show the unemployment
rate and the employment to population ratio since 1948:
Notice that in the last two recessions, unlike those that came before, these measures of labor market
performance continue to deteriorate even after the official end of the recession (as
dated b....
Economist's View
