The article examines why recent economic recoveries have not led to more jobs. It looks at how different types of economic shocks affect employment and hours worked. Before 1984, recoveries were driven by increases in output, but now they are weaker due to lower demand. After 1984, job growth is more sensitive to changes in demand, leading to fewer jobs being created. Also, the relationship between hours worked and employment has changed, with them being substitutes rather than complements. This means that when demand drops, companies cut hours instead of jobs.