However, the distinguishing feature of the current business cycle has been a large increase in the number of the latter group – i.e., those who have concerns about their employment – and its size has not decreased notably even in the recovery phase. This could weigh on the U.S. economic recovery ahead.
Second, there is a possibility that a seasonal adjustment method used for major U.S. economic data had created some distortions due to the effects of the Lehman Shock, causing the data for the period from winter to early spring to be overvalued and those for the period toward summer to fall to be underestimated.