According to last week’s jobs report, the U.S. economy has returned to its peak pre-recession levels of employment. (There is a debate about the quality of jobs being created, but we'll save that conversation for another time).
As the Oregon Office of Economic Analysis reminds us, all financial crises are different, including the Great Recession.
I was as surprised, as I suspect you will be, to see that the U.S.'s current recovery -- since 2009 -- has been much better than the recoveries after many other financial crises. Our recovery has been faster than Sweden's (1991), Finland's (1991), Norway's (1987), Spain's (1977) and the earlier U.S. recovery (1929). Observers continue to wait out Japan (1992), which still hasn't regained its peak pre-crisis employment levels.
The Oregon Office of Economic Analysis adds:
The current U.S. cycle has outperformed in terms of employment, even as most other measures of financial crises were just as bad -- home prices, stock prices, GDP per capita, government debt and the like.
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