Street Smart: What the Heck Is a Jobless Recovery? [Video]
Nov 29th 2010 12:50PM
Updated Nov 29th 2010 12:55PM
When it comes to economic jargon there may be no more aggravating or seemingly contradictory phrase than "jobless recovery." After all, it's just common sense: What good is a recovery if it doesn't put people back to work? But a jobless recovery is what the U.S. has -- and it looks like it's here to stay. The Great Recession ended in the summer of 2009, and yet the unemployment rate remains stubbornly stuck at 9.6%. Even some of the more optimistic forecasts, like those of the Federal Reserve, see unemployment staying as high as 8% for at least a couple more years, despite economic growth. How can this oxymoronic state of affairs exist? See the video above for a DailyFinance explainer.