Why job market pain may linger
There is a growing sense among economists that the worst of the recession might be over. Unfortunately, the same can’t be said for the labor market.
Most forecasts predict that Americans are in for a long, painful slog as they try to get back to work. Some forecasts don’t have the unemployment rate returning to “normal” levels of about 5 percent until 2014. The rate was 9.4 percent last month.
It always takes awhile for jobs to start appearing after a recession, but the wait could be particularly long this time around because of the unique nature of this downturn and the severe damage it has done to the labor market…