Kenworthy's conclusion from Scott Winship's chart:
In the 2001 recession, posted job openings as a share of the labor force (the blue line in the graph) fell to their lowest level in more than half a century. Then, as the economy picked up steam, posted openings didn’t budge. The lack of increase was a sharp departure from previous upturns. Many hope that when the economy finally gets moving again, we’ll return to the glory days of rapid employment growth. But developments in the 2000s, prior to the crisis, paint a discouraging picture.
I think people are slowly realizing that this recession is different, and this recovery is different. It is occurring as billions of people join the global economy in India and China, as technology wipes out whole industries at an accelerating pace, and as the rewards for innovating in the global economy enrich the few and the successful in ways utterly beyond the means of their compatriots.
Part of me wonders if it will be decades before the US returns to full employment, as we have known it, let alone wages that can sustain a vibrant middle class.
The Dish 