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Historical Decline in Job Creation from the 2008–2009 Recession
Historical Decline in Job Creation from the 2008–2009 Recession
Abstract
The BDS shows a very large decline in gross job creation from existing firms as well as startups in the recession. Economy-wide job-creation rates and the job-creation rate from business startups (new firms) are lower in 2009 than in any year since at least 1980.3 The historically low rates in 2009 reflect many factors, the first of which is the very large decline in overall economic activity. However, the recession exhibited not only a very large decline in overall activity, but also an especially large reduction in overall job creation, and in job creation from startups and new establishments. The historically low job creation rates from business startups combined with a secular downward trend in job creation and destruction rates over the past few decades contribute to 2009’s lower job creation rates.
Page Last Revised - October 8, 2021
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