Real wage rigidities hindered labor market recovery post-Great Recession, study finds.
The Great Recession in 2008-9 had a big impact on the job market, with high unemployment rates and low job numbers. Some experts think the recession was caused by financial problems, but others believe issues in the job market made it worse. Wages went up at first, then stayed the same, which might have made it harder for the job market to recover. Many people were out of work for a long time, which made it even harder to bounce back from the recession. Researchers studied these effects and found that the job market was hit hard by the recession, and it's been slow to recover.