Bergin, Adele; Kelly, Elish; Redmond, Paul - In: IZA World of Labor (2020)
and 2013, the unemployment rate increased dramatically, from 5% to 15.5%, and the labor force participation rate declined … economy, helping to moderate impacts on unemployment via a reduction in overall labor supply. As the crisis deepened, long …-term unemployment escalated. However, since 2013, there is clear evidence of a recovery in the labor market with unemployment, both …