The main reason is a lower productivity than previous business cycles, due to:

– lower population growth

– the service sector is growing faster than the industry sector

– lower quality jobs in the service sector have a lower productivity than in the industrial sector associated with higher quality jobs

– low interest rates and investor demand for leveraged loans have created zombie firms

– a poor education system leads to more open jobs than unemployed workers, because workers are not skilled enough to fill the jobs

and more….