The Current Economic Recovery in Perspective
The charts above show how the current economic expansion compares to the last two expansions (following the 1990-1991 and 2001 recessions) in terms of: a) employment (nonfarm payroll) recovery (top chart), and b) output (real GDP) recovery (bottom chart), from the Minneapolis Federal Reserve website (updated through May for employment). Note that:
1. For employment (top chart), the job gains during the current expansion (red line) are actually quite a bit better 23 months into the expansion than in the comparable period following the 2001 recession (green line), and a bit worse than the job gains following the 1990-1991 recession (yellow line).
2. The recovery in real output (bottom chart) seven quarters into the current recovery (red line) is about exactly the same as the output recovery following the last two recessions.