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U.S. Employment in the Recovery

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In his recent testimony before Congress, Federal Reserve Chairman Greenspan referred to the labor market’s peculiar performance in this recovery, noting that “the expansion of employment has significantly lagged increases in output.” Compared to earlier business cycles, current employment patterns are certainly anomalous. The charts above show several labor market measures from the most recent business cycle peak and from peaks in the nine previous business cycles.

Suggested citation: "U.S. Employment in the Recovery." Federal Reserve Bank of Cleveland, Economic Trends, no. 04-04, p. 13, 04.01.2004.

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