It’s the Jobs Stupid: Why There will be no Recovery until Employment Stabilizes. When Obvious Financial Truth Becomes Uncommon.
It should be rather obvious that without any sustained job growth there will be no economic recovery. In the same breath, you will have someone tell you that this is no common recession yet when it comes to talking about the stock market they will tell you that in normal times, stocks recover before jobs. That is true if this were your run of the mill recession. It is not. When you have five states like Oregon, Rhode Island, Michigan, South Carolina, and California all having unemployment and underemployment over 20 percent then you know the unemployment situation cuts deep and wide. With massive market volatility that has sent the S&P 500 rallying 40 percent in only 4 months. That is not normal. Most Americans intuitively know that without a broad based job recovery, there is little reason to believe this recession is close to being over.