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Monday, February 22, 2010

CRS Issue Statement on Economic Recovery and Jobs

Jane G. Gravelle, Coordinator
Senior Specialist in Economic Policy

Although the economy appears to be recovering from the recession and some economic indicators suggest that growth has resumed, unemployment remains high and is projected to remain so for some time. Employers may be slow to rehire separated workers or hire new ones. Labor force participation has also declined, suggesting that some potential workers have become discouraged from seeking a job. 

Turmoil in the financial markets, which can be partially traced to a downturn in the housing market that led to difficulties in the subprime mortgage market, has significantly restricted credit. The effects of restricted credit have spread to the wider economy, leading to declines in output and increases in unemployment, and continues currently

Date of Report: January 25, 2010
Number of Pages: 3
Order Number: IS40377
Price: $7.95

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