The Post-Recession Labor Market: An Incomplete Recovery

Recovery from the Great Recession has been slow and extremely prolonged. It was tempting to conclude, at various points, that we had recovered as much as we were going to. Even after the official unemployment rate receded, other indicators of recovery remained much more mixed—the share of people employed remained well below pre-recession levels; wages were stagnant; and inequality continued to grow. Absent clear evidence of a full recovery, including healthy wage growth, policy efforts should emphasize ensuring that the benefits of growth are broadly shared.