Center on Budget and Policy Priorities

Recession and Recovery

Chad Stone, Chief Economist, on May's Jobs Report

"[Friday's] jobs report shows a labor market that is still deteriorating but that offers signs that the worst of the current recession may be over.

"Job losses in May, while still high at 345,000, were less than half of January’s level. The unemployment rate jumped to 9.4 percent but, for the second month in a row, the labor force grew as more people entered it to look for work than left it."

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Topics

Basics

A recession is a decline in the size of the U.S. economy for two or more consecutive quarters (three-month periods). Economic stimulus policies aim to avert a recession or lessen its severity by boosting the economy in the short term. The unemployment insurance system helps people who have lost their jobs by temporarily replacing part of their wages, typically for up to 26 weeks.

Policy Basics:
- Introduction to Unemployment Insurance

Featured Experts

Robert Greenstein

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Sharon Parrott

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Chad Stone

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Paul Van de Water

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The Center examines the impact of changes in the economy on federal and state budgets, as well as the likely effectiveness of economic stimulus proposals. We also examine trends in employment and promote reforms to strengthen the unemployment insurance system.