It seems likely that there are multiple effects here. Perhaps work has become skilled enough to produce large enough differences in productivity that it necessitates an adjustment to the model. This might help explain why the recent recessions were considered fairly jobless relative to those that came before. It might also help in explaining the increasing compensation gap that we see.

It may also be the case that businesses are delevering in the same way that households must. This would be a rational reaction to the dangers of debt financing that have been placed in stark relief by the crisis. Businesses that are reducing their dependency on debt by switching to internal financing will have less capital available for expansion.

The rising cost of benefits may have also started to effect the demand for full time workers and pushed businesses over into hiring temps and part timers.