It is tempting to interpret the two recent recoveries as reflecting a fundamental shift in the behavior of the economy or the labor market over the business cycle. Indeed, the two explanations for slow economic recoveries that I have discussed - shallower recessions and structural change in the labor market - likely contain some elements of the truth.
However, the structure of the economy is always in flux to some extent, and I think it probable that experiencing two hesitant recoveries in a row was largely a matter of coincidence.