A key finding of recent research by the McKinsey Global Institute (MGI) is that the US economy has been experiencing increasingly lengthy “jobless recoveries” from recessions in the past two decades.1 It took roughly 6 months for employment to recover to prerecession levels after each postwar recession through the 1980s, but it took 15 months after the 1990–91 recession and 39 months after the 2001 recession. At the recent pace of job creation, it will take more than 60 months from December 2010 (when GDP reached its prerecession level) for employment to recover.
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