Center for American Progress

The Great Recession Is Over, but Will It Be a Great Recovery?
Press Release

The Great Recession Is Over, but Will It Be a Great Recovery?

New employment numbers show that the American Recovery and Reinvestment Act has injected new momentum into the economy

By Heather Boushey

View the full analysis and graphs

The unemployment rate fell in November to 10.0 percent and job losses were negligible, with only 11,000 jobs lost last month, both far better than expected. The Bureau of Labor Statistics also revised the number of jobs upward for the prior two months and the economy only shed 139,000 jobs in September and 111,000 jobs in October.

Today’s report contains some unambiguous good news for workers and their families. But it does not mean that we are fully out of the woods. There are indications that employers are beginning to need to ramp up hiring, but have yet to actually do so. At the same time, the household survey shows that those without a job continue to face extremely daunting challenges in finding new work.

This data does provide clear indications that the American Recovery and Reinvestment Act, which was signed into law last February, has worked its magic and injected momentum into the economy. Now we need to continue to focus on job creation, particularly for the most vulnerable, in order to ensure a strong and sustained economic recovery.

View the full analysis and graphs

Heather Boushey is senior economist at the Center for American Progress.

Both Dr. Boushey and Dr. Christian E. Weller, a Senior Fellow at American Progress and an Associate Professor of Public Policy at the University of Massachusetts Boston, are available for comment.

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