“It’s June 2014, and that means it’s been five years since the Great Recession officially ended. If you’re not ready to celebrate this milestone, you’re certainly not alone.
The majority of Americans still rate economic conditions as “poor” and for good reason: This jobs recovery is the slowest on record, wages are barely rising, home prices are still below their peak and more Americans are using food stamps than ever before.
Main Street America still doesn’t feel recovered, because, quite frankly, it’s not.
So how much longer will the healing process take? Economists surveyed by CNNMoney expect a full recovery is still two to three years away.
“The labor market is the scar on the economy that remains from the Great Recession, the financial and housing crises. It may be fading, but it is still clearly visible and will remain for years to come,” said Sean Snaith, economics professor at the University of Central Florida.
Here’s how far we’ve come: Technically, the Great Recession ended in June 2009. That determination was made by the National Bureau of Economic Research, an independent group of economists that has officially called the beginning and end of business cycles since the 1920s.
Why pick that date? Essentially, that’s when the bleeding stopped and the slow healing process began. After that point, economic activity started picking up. Auto sales started rising, and the manufacturing sector slowdown ended. Home prices hit their bottom and finally started rising again, and the stock market came back to life.
Now, five years later, U.S. economic activity and the stock market are at all-time highs. States like North Dakota and Texas are benefiting from energy-related booms. Jobs in health care keep growing, and professional office positions are back. There are also more low-wage jobs at restaurants and bars.
But the recovery was far from a quick bounce-back. It’s been more like a long, slow slog, and here’s the key missing component: The broader job market…..”Comments »