Jordan Mills, from Lithonia, waits for the job fair to open on Oct. 19, in Atlanta. (Bob Andres/Atlanta Journal-Constitution via AP) By Jeff Guo It used to be that jobs returned swiftly after a recession. But since the 1990s, the labor market seems to have lost much of its natural buoyancy. The last three downturns all caused extended periods of underemployment. Years after economic output had fully rebounded, there were still fewer people at work. Economists have struggled to explain the forces behind these so-called "jobless" recoveries. A popular view is that recessions are times when companies clean house and find ways to become more efficient. In recent decades, that has often meant replacing employees with computers. This could explain why the jobs we lose in a recession don't seem to return anymore: The positions became obsolete. New evidence says there might be another reason for these stubborn spells of low employment. Read the rest on Wonkblog. Map of the day Guns seized by police in Chicago come from all over the Midwest and as far away as Texas and Mississippi. Max Ehrenfreund has more. |
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