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August 04, 2011



Of course, the beginnings of recoveries pretty much always start this way, with an increase is productivity as existing workers and real capital go from underused to full capacity. Hiring always comes later. Well, later hasn't happened yet, and if there's a double-dip or even just a stall, there's no reason that firms will transition to actually hiring.

So, if things are a little good for job creators, it tends to show up as big profits, but if things are really good, it will also come with lots of hiring. This isn't necessarily unfair, because when things are a little bad for job creators, people tend to keep their jobs but profits suffer. It's only when things get really bad that people start to lose jobs as well.

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