Not Working

The decade-long post-recession recovery is weaker than any before it for centuries.

As of 2018, official unemployment rates in the United States, United Kingdom and several other nations remain low. By this measure, the world has benefited from a strong recovery since the Great Recession that began in late 2007. But by other metrics – notably underemployment and real wage increases – it has not, and indicators of an upcoming recession have begun to accrue. Governments held back the recovery in 2009 with austerity measures and higher interest rates. Millions fewer people work today than before the recession. Wages remain stubbornly low. Worker productivity has stalled at less than 2% per year since 2000. High rents and living costs keep young people in their childhood homes, depressing real estate and associated industries. This results in a far less mobile and flexible labor market.

Experts cite technology, the gig economy, automation and the aging population as reasons why millions fewer people work now than prior to the recession. Technology does slightly affect lower&#...