The Changing Recovery Dynamics of the US. Labor Market
In the really really old days--after the December 1970, the May 1975, and the December 1982 unemployment-rate peaks--a recovery would see the economy move to the northwest on the above graph, with the labor-force participation rate rising within a year and a half after the date of the unemployment-rate peak.
In the old days--after the June 1992 and June 2003 unemployment-rate peaks--the labor-force participation rate would not rise during recoveries, but it would not fall by much.
In the new days, however...
