If the recovery from the recession seems anemic, a new analysis from the Federal Reserve Bank of Chicago explains why.
The recession was so deep and lasted so long that it’s taking seemingly forever for jobs to come back. The pace of job recovery is on a similar trajectory to recent recessions, but the hole is really deep.
Temporary employment is way up across the fed district that includes all or parts of Illinois, Indiana, Iowa, Michigan and Wisconsin. But construction, both commercial and residential, is still on its back. Banking jobs are doing poorly, as are jobs in hospitality sectors. State and local government employment is down, contrary to prior recessions.
Indiana comes out looking pretty good. In the year ended in May, Indiana is the only state in the fed district where job numbers increased—by 24,100. Indiana was one of two states to see some recovery in manufacturing employment. Indiana also had a surge in temp jobs and some increase in hospitality positions.
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