US jobs still haven’t returned after over the 37 months since the recession first started, according to report from DoubleLine Capital.
In most recessions, non-farm payrolls returned to their pre-recession levels within 25 months. If not, they’re at least no more than 98 percent below the pre-recession level after 37 months.
The 2008 Great Recession, however, have left non-farm payrolls below 96 percent of the pre-recession level after 37 months since the recession first began.
Meanwhile, corporate profits and the S&P 500 index have rebounded in line with past post-recession recoveries.
The major reason is that the current economic recovery is the strongest in emerging market economies, which allows US companies to benefit while US citizens are left behind.
Compounding the problem is the real estate bust and damaged consumer balance sheets (which hurts the retail sector), which left many former workers in those sectors without jobs and having mismatched skills for the “new economy.