The Great Recession: Part Two
Economics in Person continues its feature on the Great Recession with a description of slow hiring activity and limited job openings, which present challenges in the wake of the Great Recession’s large toll on jobs addressed in Part One.
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- How many jobs were lost from the peak of employment in 2008 to the bottom of employment in mid-2009?
0:00 - 0:17
- In recoveries or expansions, what is the usual relationship between hiring and layoffs?
0:18 - 0:53
- Mary mentions that there is something remarkable about the relationship between hiring and layoffs happening in the latest recovery period. What does she mean?
0:52 - 1:18
- At the end of the recent recession, how many unemployed workers were there for each job opening? How many in July 2011? How many in 2001?
1:19 - 1:40
- What level of unemployment is the Federal Reserve forecasting by 2013?
1:41 - 3:48
- Why have policymakers turned their full attention to job creation?
3:49 - 3:53
About the Speaker
Mary C. Daly is Senior Vice President and Associate Director of Research at the Federal Reserve Bank of San Francisco. Her areas of research focus include labor economics, public economics, and social welfare. See her research page.
Daly, Mary C., Bart Hobijn and Joyce Kwok. "Jobless Recovery Redux?" FRBSF Economic Letter (June 5, 2009).
Valletta, Robert and Katherine Kuang. "Recent Layoffs in a Fragile Labor Market." FRBSF Economic Letter. (September 26, 2011).
Williams, John C. "The Federal Reserve and the Economic Recovery." FRBSF Economic Letter (January 17, 2012).