Almost 8 million jobs were lost in the Great Recession of 2007-09 when the average unemployment rate peaked at over 9 percent. Roughly 1 million jobs have been regained since early 2010, but the unemployment rate remains persistently high. Some policymakers fear a prolonged “jobless recovery” - period of rising average income, measured by gross domestic product (GDP) - with little or no employment growth.
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Fed in Print: An index of the economic research conducted by the Fed.