By helping to assess the nature of the Great Recession, these studies also inform other important yet understudied issues: the mechanisms behind the protracted and costly losses in earnings and long-term unemployment following widespread job destruction during the Great Recession. Farber, Dan Silverman, and Till von Wachter provide new evidence on the extent of hysteresis in the U.S. Erling Barth, James Davis, Richard Freeman, and Sari Pekkala Kerr study the role of establishments in job destruction during the Great Recession and the job creation that followed. Levy, Ted Mouw, and Anthony Daniel Perez examine the role of regional mobility in the adjustment process. The article by Jesse Rothstein studies how the role of mismatches and wage growth evolved before and during the Great Recession and has continued to evolve since its official end. With the benefit of having access to data spanning the long recovery, several articles in the volume contribute new empirical findings that inform our understanding of alternative economic channels. Despite much work, ongoing controversy reigns as to the potential causes of the Great Recession and the protracted weakness in the labor market that followed. The articles in this issue deal with several important questions about the nature as well as economic and noneconomic consequences of the Great Recession. labor market during and after the Great Recession. Like the collections of studies about the Great Recession cited above, this issue of RSF: The Russell Sage Foundation Journal of the Social Sciences is also devoted to understanding some of the characteristics of the U.S. We can thus begin to assess with greater confidence the extent to which the changes wrought by the Great Recession represent structural and transformative changes, whether these are continuations of the kinds of structural changes that began in the mid-1970s, or whether these are relatively temporary features associated with business cycles. The passage of nearly ten years since the NBER declared the official beginning of the Great Recession in December 2007 puts us in a better position than we were earlier to undertake deeper analyses of the sources and consequences of the protracted recovery on workers, families, and communities. Yet many questions remain as to the nature and consequences of the Great Recession and its aftermath. From these and other studies we have made important progress in understanding some of the consequences and mechanisms of the Great Recession. This research has tracked economic outcomes such as the impacts of unemployment on poverty, economic inequality, and earnings growth, as well as social outcomes such as marriage and fertility, education, health, politics, and child development, throughout the recession and the immediate recovery. The profound impact of the Great Recession has prompted numerous studies by social scientists of its causes and consequences for individuals, their families, communities, and society more generally (see, for example, Grusky, Western, and Wimer 2011 Danziger 2013 Card and Mas 2016). Men, the less-educated, and African Americans were especially hard hit. The Great Recession did not affect all subgroups within the population equally rather, the impacts of the economic downturn differed for different groups, according to their members’ gender, race, and ethnicity. Household net worth dropped by 18 percent, or more than $10 trillion, the largest loss of wealth in the fifty years since that the federal government has collected data on wealth accumulation ( Jacobsen and Mather 2010). By some measures, over 30 million individuals lost their jobs, and the rate of long-term unemployment doubled its historical high ( Song and von Wachter 2014). 1Īs a result, during the Great Recession unemployment rates skyrocketed, housing prices and stock portfolios plummeted, and the lives of millions were disrupted. The Great Recession was particularly worthy of its name because of the protracted slump in employment that followed even after the recession was officially over, as assessed on the basis of the dating procedure of the National Bureau of Economic Research. The Great Recession was also especially severe both GDP and number of jobs declined by about 6 percent and median family incomes declined by about 8 percent. At eighteen months, from December 2007 to June 2009, it exceeded the sixteen-month recessions of 1973–19–1982 the average period from peak to trough of post–World War II recessions was 11.1 months. It was the longest recession since the Great Depression. Although economic downturns are a recurring phenomenon, the most recent recession was exceptional in its duration and depth. The Great Recession of 2007–2009 created the largest economic upheaval in the United States since the Great Depression of the 1930s.
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