Jobs are coming back, Just not always where they were lost! The latest U.S. jobs report from early July indicates the national economy continues to add jobs at a slow but steady pace. The latest data indicates the economy has added approximately 195,000 jobs each month for the past three months. If we go back to January 2011, the nation added on average close to 185,000 jobs per month. The U.S. economy is gradually recovering and now the labor market may even be gaining some momentum. In February 2010, the U.S. job market had hit rock bottom. From the pre-recession high of 138 million people employed, the economy had shed some 8.7 million jobs—more than 6% of total nonfarm employment had vanished. Since then, total nonfarm employment has grown to almost 136 million, which is only 1.5% below the former peak. It is likely—assuming the current pace of about 180,000 new jobs created per month continues—that the U.S economy will reach its previous peak of employment in mid-2014. At that point, the U.S. economy will be deemed to have fully "recovered" from the previous recession’s job losses.
Posted on: Thu, 01 Aug 2013 18:29:23 +0000
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