An economic recovery that needs an economic recovery

As economic recoveries go, the current one will not win any awards. In fact, according to historical data, it is one of the poorest. Writing in the Wall Street Journal, former chairman and CEO of American Express Harvey Golub notes that of the 11 recessions in the last 60 years “this recovery is near the bottom of all 11.”

He points to Federal Reserve Bank data that shows:

“Cumulative nonfarm job growth is just 1.9% 34 months into recovery, the ninth-worst performance and well below the average job growth of 6.5%. Cumulative GDP growth is just 6.8% 11 quarters into this recovery, less than half the average (15.2%) and the worst of all 11.”

 

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