Dorsey D. Farr, French Wolf and Farr
In a normal recession, the decline in payrolls lasts approximately 16 months and roughly 2 million jobs are eliminated (adjusted for changes in the payroll base over time). During the most recent recession, the decline in payrolls lasted 24 months and the number of jobs lost was more than four times that of an average recession. After a typical recession ends, job growth resumes. In the 12 months after the trough, the economy regains all of the jobs that were lost during the recession and then adds more than 2 million over the course of the next 12 months.
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