In our Weekly Economic Commentaries over the last two weeks (Jobs: Far From “Back to Normal,” November 4, 2013, and Labor Market: On the Mend, but Not “Back to Normal,” November 11, 2013), we discussed the state of the U.S. labor market in late 2013, and whether or not it has returned to “normal.” In those reports, we defined “normal” as mid-to-late 2007, just prior to the onset of the 2007 – 09 Great Recession. But was mid-to-late 2007 really normal for the labor market?

What is “Normal” in the Labor Market?