Economists challenge standard notion of labour market recovery


The forces at play as the labour market recovers from an unemployment shock may be more complex than typically thought, new research finds.

A National Bureau of Economic Research working paper by Robert Hall and Marianna Kudlyak studies the surprising resilience of the US labour market. The authors note that after a crisis unemployment tends to fall linearly by about 0.55 percentage points a year, with no sign of a slowdown as it approaches the minimum point.

Earlier research has tended to

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