With the May jobs report, the U.S. economy is now back to pre-recession peak levels of employment. While this is the longest post WWII recovery the U.S. has experienced — by a good margin — it is important to keep in mind that financial crises are different. When comparing the Great Recession against other advanced economies’ financial crises in recent decades, 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.
Mark McMullen
Josh Lehner
Oregon Office of Economic Analysis 
Superb graph, Josh.
By: Graham Slater on June 6, 2014
at 7:04 AM
Thanks Graham!
By: Josh Lehner on June 6, 2014
at 7:56 AM
[…] Josh Lehner today: U.S. Jobs Are Back … To Pre-Recession Levels With the May jobs report, the U.S. economy is now back to pre-recession peak levels of employment. […]
By: RedTrack.ME on June 6, 2014
at 11:00 AM
[…] But other countries have faced far grimmer conditions, as a new graphic from Oregon’s Economic Analysis office shows. […]
By: Jobs recovery: How does the U.S. compare to other countries? | Oregon News on June 6, 2014
at 12:55 PM
[…] But other countries have faced far grimmer conditions, as a new graphic from Oregon’s Economic Analysis office shows. […]
By: Jobs recovery: How does the U.S. compare to other countries? | Business News on June 6, 2014
at 11:22 PM
[…] Chosen excerpts by Job Market Monitor. Read the whole story at U.S. Jobs Are Back … To Pre-Recession Levels | Oregon Office of Economic Analysis. […]
By: Financial Crisis and Jobs – The current Job Recovery in US outperforms other | Job Market Monitor on June 7, 2014
at 6:15 AM
[…] la recuperación actual con otras crisis financieras importantes. El gráfico de abajo, desde Josh Lehner, espectáculos que desde esta perspectiva los EE.UU. recuperar realidad no se ve tan […]
By: ¿Cómo se compara el Empleo Recuperación EE.UU.? | Noticias Del Mundo on June 7, 2014
at 11:05 AM
[…] We can also compare the current recovery to other major financial crises. The graph below, from Josh Lehner, shows that in this light the U.S. recover actually doesn t look so […]
By: How Does The U.S. Jobs Recovery Compare? | News 12 on June 7, 2014
at 11:23 AM
[…] Wiederaufnahme mit anderen bedeutenden Finanzkrisen auch vergleichen. Das Diagramm unten, von Josh Lehner, zeigt, dass so gesehen die US wirklich schlechten doesn t Blick so […]
By: Wie vergleicht die US-Job-Wiederaufnahme? | Nachrichten Heute Deutschland on June 7, 2014
at 11:34 AM
[…] We can also compare the current recovery to other major financial crises. The graph below, from Josh Lehner, shows that in this light the U.S. recover actually doesn’t look so […]
By: How Does The U.S. Jobs Recovery Compare? | infoscape.com on June 7, 2014
at 7:22 PM
[…] We can also compare the current recovery to other major financial crises. The graph below, from Josh Lehner, shows that in this light the U.S. recover actually doesn’t look so […]
By: How Does The U.S. Jobs Recovery Compare? | daily1.com on June 7, 2014
at 9:31 PM
[…] terms of post-financial crisis recoveries the US is doing pretty well. (Oregon Economic Analysis via Calculated […]
By: Sunday links: reputations at risk | Abnormal Returns on June 8, 2014
at 5:05 AM
[…] https://oregoneconomicanalysis.com/2014/06/06/u-s-jobs-are-back-to-pre-recession-levels/ […]
By: Best of the Web: 14-06-09, nr 1010 | Best of the Web on June 8, 2014
at 9:48 PM
[…] The U.S. outperforms other nations in recoveries from financial crisis-induced recessions. Oregon Office of Economic Analysis. […]
By: Wonkbook: Obama’s plan to address the $1.2 trillion student debt problem on June 9, 2014
at 5:33 AM
[…] The U.S. outperforms other nations in recoveries from financial crisis-induced recessions. Oregon Office of Economic Analysis. […]
By: Wonkbook: Obama’s plan to address the $1.2 trillion student debt problem | Report On Obamacare on June 9, 2014
at 5:54 AM
[…] Post Credit Crisis Job Creation Source: Oregon Office of Economic Analysis […]
By: How Does the 2009-2014 Recovery Compare? | The Big Picture on June 9, 2014
at 10:13 AM
[…] by a wide margin, this is relative to recessions. The second chart that we have today looks at the employment recovery in comparison to to previous financial crisis. What is interesting here is that this was the […]
By: Employment - Now Hiring! | The Hyperion Effect on June 9, 2014
at 3:02 PM
[…] HT: oregoneconomicanalysis.com […]
By: Employment losses after financial crises | Utopia - you are standing in it! on June 11, 2014
at 4:50 AM
[…] https://oregoneconomicanalysis.com/2014/06/06/u-s-jobs-are-back-to-pre-recession-levels/ […]
By: Best in Economics this week: June 13 | Best of the Web on June 13, 2014
at 8:46 AM
[…] https://oregoneconomicanalysis.com/2014/06/06/u-s-jobs-are-back-to-pre-recession-levels/ […]
By: Spaghettigrafiek | Best of the Web on June 18, 2014
at 1:12 PM
It would be great to include in this analysis how long the long-term unemployed were compensated. Sure the US is back now . . . after we finally ended 99 Weeks’ Unemployment Compensation. I believe the Nordic Countries exhibited a similar increase in employment (shown on your chart) AFTER reducing Long-Term Unemployment Compensation. I’m jut not sure about Spain and Japan, though (Japan may just have been an aging population).
By: Timbo on June 28, 2014
at 6:49 AM
Thanks for the comment. The majority of the economic research I have read in recent years points to the fact that extended unemployment benefits lengthen the time individuals are unemployed because they search for jobs longer. Once the benefits expire, the probability of dropping out of the labor force entirely is much higher while the probability of finding a job stays about the same (low post-Great Recession).
See the San Francisco Fed for more
Click to access wp2013-09.pdf
Or job finding probabilities
https://oregoneconomicanalysis.com/2014/04/17/the-plight-of-the-unemployed/
By: Josh Lehner on June 29, 2014
at 4:44 PM