tpc<>UNEMPLOYMENT: NOT GOING DOWN ANY TIME SOON 25 September 2010 by TPC 2 Comments
According to Goldman Sachs housing busts tend to have a particularly destructive impact on the labor market:
“This distinction matters, as we and others have shown before, because recoveries after housing busts follow a distinctive pattern. Most importantly, the rebound in growth tends to be more subdued than normal and it can take many years before unemployment rates fall (Chart 7). In essence, the pressure from the private sector adjustment and deleveraging tends to make it difficult to deliver the kind of strong growth that is needed to eat into spare capacity.”
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