Restoring the remaining 1.6 million jobs would close the books on what economists say has been a remarkably fast recovery. In fact, the rate of hiring has been twice as fast as during the previous period of economic expansion (which lasted from 2009 to 2020), economists at Wells Fargo Securities said in a commentary. By contrast, it took more than six years to regain the jobs lost in the Great Recession that began in 2007. The massive amount of relief delivered by the government this time around made the difference, especially for private-sector employment, according to Elise Gould, senior economist at the Economic Policy Institute, a progressive think tank. “Private-sector employment is now only 0.7% away from pre-pandemic levels. This figure says it all,” Gould said on Twitter. “Unlike in the aftermath of the Great Recession, policymakers provided relief at the scale of the problem and did what was needed to spur a strong recovery this time around." Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
