Figures 2.1a and 2.1b present the total number of employees in U.S. manufacturing from 1990 to 2012 (employment data are from the Bureau of Labor Statistics (BLS) 2014). Employment is defined by BLS as the total number of persons on establishment payrolls employed full- or part-time who received pay for any part of the pay period that includes the 12th day of the month. Temporary and intermittent employees are included. In Figures 2.1a and 2.1b, the shaded areas represent the three recessions that occurred over this period (NBER 2010).
July 1990—March 1991
March 2001—November 2001
December 2007—June 2009
As may be seen, job losses are distinctly associated with the recessions. Following ...