The latest jobs report showed the economy adding nearly 240,000 jobs in February. Which is good. And that’s better than bad. This rate of growth covers the increase in population while pulling more unemployed people back into the workforce. If we’re generous, this report showed we pulled 100,000 people from the unemployed pool to paying jobs. Depending on how you measure it, there are still 8 to 10 million people floating around who lost their jobs to the Great Recession (or who tried to enter but failed to find employment in the poor job market). So, in about 80 more months, if things continue as they are, we’ll finally recover all the jobs lost in 2009. So, around 2020. Ugh.
There is no room for error, we need steady and uninterrupted growth for the next seven years. Any disruption will create a huge class of people who might never enter or re-enter the workforce.
- Welcome to the ‘New Normal’ Economy (pjmedia.com)
- Forget the Good Jobs Report (theatlantic.com)
- On the February jobs report (mcleanparlor.com)
- More Are Quitting the Workforce Than Getting Jobs (realclearpolitics.com)
Filed under: Economics |