Are Jobless Recoveries the New Norm? :: Video and Sound Bites
Since the beginning of the recession, the unemployment rate has doubled, and most of that rise is due to people not being able to find work once unemployed, as opposed to people losing their jobs. Also, about 40percent of the unemployed have been out of work for more than six months, which is a record high level. In his research paper, Federal Reserve Bank of Cleveland research economist Murat Tasci looks at the implications of a prolonged jobless recovery for individuals and the larger economy.