James D. Eubanks is a senior research associate at the Federal Reserve Bank of St. Louis.
The amount of consumer debt has exceeded a 2008 peak. But in inflation-adjusted terms, the current debt level is still below the peak set during the Great Recession.
More than 4 percent of the people in the District are “on disability,” receiving Social Security Disability Insurance benefits, vs. 2.6 percent for the rest of the country. Rural counties in the District have higher rates than do metro areas.
As the unemployment rate declines, many people assume that the average wage in the U.S. will increase. However, the average doesn't move that fast over a single business cycle. And any movement over the long term is more in favor of high-wage earners than low-wage earners.
In the U.S., the unemployment rate for those under 25 hovers around 14 percent, even though the Great Recession has been over for five years. In some European countries, the rate is three times higher.
Is one method of searching for a job better than another? Do job seekers change their approach when a recession hits?
